Below is an update on providers for the month of March.
KEEF – They hold a substantial amount of MYC4’s portfolio which defaulted several months ago. There has been no cooperation from KEEF on all matters repayments for a while now. Attempts at talks to get them to honour their financial obligations did not bear fruit and MYC4 sought legal action. Additionally, MYC4 contacted KEEF borrowers who had received MYC4 loans. Majority of KEEF borrowers indicated surprise at having being informed of their loan balances with MYC4. From their testimonies it has come to our attention that most if not all of the borrowers had cleared their loans months or years prior and had submitted all due repayments to KEEF, who have not remitted these funds to MYC4.
Milango – Their PAR 30 currently stands at 99.99 %. We received repayments from Milango amounting to 2,518.64 Euros.
The MYC4 team was in Milango offices in Mombasa in February for a a portfolio audit exercise and from this exercise, it came to our attention that Milango did not submit to MYC4, Kes. 9.2 Million of investor funds that was collected from borrowers repaying MYC4 loans.
MYC4 had a Finance and Strategy meeting with Milango management team and we have come to the agreement that the collection made on repayments should be remitted on a weekly basis as they work on how to fully repay the Kes. 9.2 million.
In a few weeks time, the MYC4 team will be going to Milango offices in Mombasa for a follow up.
Once this exercise is complete, we will provide more updates.
Jubilant Kenya Limited – Their PAR 30 currently stands at 16.18%. We received repayments amounting to 6, 884.27 Euros from Jubilant Kenya Ltd for the month of March.
Premier Kenya – Their PAR 30 currently stands at 0%. We received repayments amounting to 428, 537.59 Euros from Premier Kenya for the month of March.
Mtaji – Their PAR 30 currently stands at 0%. We did not receive repayments from Mtaji for the month of March.
Tujijenge Uganda -Their PAR 30 currently stands at 99.95%. We did not receive repayment from Tujijenge Uganda for the month of March.
Uganda Microcredit Foundation – Their PAR 30 currently stands at 0%. We received repayments amounting to 29, 503.68 Euros from UMF for the month of March.