Myc4 has received several questions from investors and in this post we shall address some of the most recent frequently asked questions.
Q. Are there loans that are still defaulting?
A. Yes, all the loans that are 180 days late belong to Tujijenge Uganda. Myc4 has an agreement with Tujijenge Uganda for monthly remittance. Tujijenge Uganda has pre-paid two months in advance in April; and as per the agreement, they will pay a lumpsum again in May. All their loans that are above 180 days will be defaulted after the May repayments have been processed.
Q. How is Mtaji doing with repayments?
A. Mtaji has adhered to the negotiated payment plan. Mtaji has made repayments of 26, 400 Euros since February 2015.
Q. KEEF aside, have other providers stopped repayments?
A. With the exception of Milango, all other providers are making repayments. Yehu Microfinance Trust did not make repayments in the month of April, but have now entered a sufficient amount on the platform to regularize their position; we expect to receive the funds this week.
Q. What is the expectation on upcoming defaults?
A. Upcoming defaults are from Tujijenge Uganda. Myc4 expects that all defaults from Tujijenge Uganda will be paid off through the monthly repayment agreements and from the Risk Guarantee Fund.
Q. Does the Risk Sharing Funds still have relevance?
A. The Risk Sharing Funds of existing providers are sound. Milango has paid their risk fund to the tune of 28, 850 Euros in February 2015. Jubilant has transferred all their risk share funds to Myc4’s account. The risk guarantee fund of Yehu is in the form of a reliable bank guarantee.
We shall you updated with more information and updates.
Thank you for your continued support. If you have more questions, do not hesitate to contact us on email@example.com