Below is an update on providers up until the month of May.
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.
MYC4 made a request to the court for arbitration as arbitration is a fast and effective option. MYC4’s legal counsel approached the arbitration council of Kenya and requested for the appointment of an arbitrator. The council appointed an arbitrator. MYC4’s counsel has informed the court of this appointment. The court is for the option of arbitration as the way forward for both parties. MYC4’s legal counsel and KEEF’s legal counsel are expected to meet the appointed arbitrator and discuss the way forward. The court case has been halted until the arbitration process comes to completion. However, the court is and can be of assistance during the arbitration process. MYC4 awaits the commencement of arbitration.
Milango – Their PAR 30 currently stands at 99.9%
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 investor funds that were collected from borrowers repaying MYC4 loans.
This month of May, the MYC4 team went to Milango offices in Mombasa for a follow up. Milango still hasn’t lived up to the agreement to remit the funds collected. The team discovered that there have been Milango have made further collections and did not remit to MYC4.
MYC4 has written a letter to Milango instructing that the funds collected be remitted within 8 days. A follow up phone-call will be made once the letter is received. MYC4 is awaiting feedback on this.
The MYC4 team is set to visit Yehu Offices in Mombasa for a portfolio audit soon. Meanwhile, MYC4 is following up on repayments as Yehu has not remitted repayments over the last month.
MYC4 has sent a letter instructing Yehu to remit repayments as their PAR 30 is quite high. The letter also sought to find out how they plan to proceed.
Discussion are currently ongoing.
Jubilant Kenya Limited – Their PAR 30 currently stands at 95%.
MYC4 team visited Jubilant offices in Mombasa this month of May and conducted a portfolio audit. Jubilant has made collection on repayments and have not remitted this funds to MYC4.
MYC4 has sent a letter instructing for the funds collected to be remitted.
MYC4 is awaiting feedback on said matter.
Premier Kenya – Premier Kenya has cleared their portfolio with MYC4 and we wish them all the best in their endeavours.
Mtaji – Their PAR 30 currently stands at 0%.
Mtaji has effectively adhered with their repayment agreement with MYC4 and we expect their next repayment in July.
Tujijenge Uganda -Their PAR 30 currently stands at 48%.
We are following up on repayments and we expect repayments for the month of May shortly.
Uganda Microcredit Foundation – UMF has cleared their portfolio with MYC4 and we wish them all the best in their endeavours.