Below is a follow up update on providers from Mid August.
Arbitration process in ongoing. MYC4 has taken further steps and contacted all the licensed Credit Reference Bureaus in the country .This is expected to put more pressure on Daniel and KEEF. Pre-listing notification has already been issued to Daniel and KEEF and as required by law after 30 days MYC4 will formally list the two parties with the bureaus. See the notices to KEEF and Daniel Kimani here
Milango is in the process of retrieving and transferring loan files to MYC4 offices. As indicated earlier MYC4 has already held talks with the debt collector and he is going to start collection exercise immediately the files are handed over to his possession.
Despite the fact that Yehu continues to experience liquidity strain in meeting funding demands from their clients after MYC4 time out, they have honored their August repayment in accordance to the repayment agreement .
Jubilant Kenya Limited
Jubilant has been experiencing some cash flow constraints. However, in addition to the guarantee fund released to investors earlier, jubilant has agreed to continue repaying a fixed installment until their cash flow position improves. This is expected to take place by November this year after which the repayment installment will be increased.
Mtaji has made their July repayment to MYC4 and is following up with the August repayment.
TUG has continued to honor their repayment agreement. Additionally, they have indicated that they are making arrangements to ensure they fully repay their loans on or before the end of this year, 2015.