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Posts Tagged ‘BELIITA’

Kenyan Providers

KEEF

The civil case was mentioned on 30th October 2017 as indicated earlier.

The Judge directed both parties to file written submission on the main application by MYC4 (Application One: MYC4 seeking the Court to adopt the Arbitration Award and issue a Judgement/Decree).

The Parties(KEEF,Daniel Kimani ,Cyrus Komu on one side and MYC4 on the otherside) will appear again before the Judge on 22nd January 2018 for further direction.

The criminal case  in Kiambu High Court, Police Case file KIAMBU P/STN .PCR NO.275/2017 wherein Mr Damiel Kimani and Mr Simon Kamau has been charged , came  up for mention on 11th September as indicated earlier.The Judge however adjourned the case to 25th January 2018.

MYC4 remains  optimistic that our legal team together with the state prosecutors are well prepared and that in the course of 2018 both cases will come to logical conclusion and justice served eventually.

 

More updates will be shared in our subsequent blog updates.

     Keef

Milango

MYC4’s  legal team is yet to finalize  the process of preparing a legal proceeding against Milango Financial Services and guarantors(Directors)  . Details will be shared in subsequent blog updates.

Milango

Yehu

Yehu  has to date continued to making monthly repayments in line with an out of court settlement agreement entered in June 2017.

Yehu logo

Jubilant Kenya Limited

Jubilant failed to honor its obligations despite many follow ups and an out of Court settlement agreement registered in the High Court .

MYC4’s  legal team  has since given  instructions to a  firm of auctioneers to execute recovery against Jubilant Plc Kenya pursuant to the Court Judgement issued by The High Court .

The Auctioneers has since made  recovery and proclamation of  assets(a vehicle and Office furniture) at  Jubilant Plc premises upon expiry of notice period.

The recovered good are held under safe custody awaiting disposal and proceeds therefrom will be paid back to investors.

MYC4 will pursue legal means to recover the remaining  outstanding as will be advised by our lawyers.

Further developments on the matter will be shared in our subsequent update.

 

Tanzania Providers

Mtaji

Our lawyers have since lodged a  civil case in the High Court of Tanzania  and anytime Mtaji Credit and Damasi Massawe will be served with sermons to appear in Court.

More details will be shared in our subsequent updates as the case proceeds in Court.

Mtaji

BELITA

MYC4 is still working hard to find a way of collecting the outstanding loans from BELITA. Any developments will be shared going forward .

 

DECEMBER 2017 HOLIDAYS

We take this opportunity to wish all of you a merry Christmas and Happy New Year 2018

Myc4 offices will remain closed during this period of festivities starting 15th December and shall reopen on 8th January 2018.

 

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Kenya Providers

We shall have a look at the providers in Kenya, these are KEEF, YEHU, Milango, SISDO and Microkenya.

YehuMAL_septKEEFSisdoMilango

 

 

 

 

 

YEHU has continued it’s positive trend on MYC4, the OLB has however dropped from €310,116 in April to €299,522 in May. YEHU’s uploaded €31,114 worth of loans in May. YEHU is expected to grow further in future as MYC4 is currently only 9% of their own total OLB.

KEEF is currently at the loan portfolio ceiling of the B provider (750,000 Euros as per the license limit). Hence uploads are currently paused till the OLB is within the class limit again.

MicroKenya who exited from MYC4 continues to repay their portfolio. Their current remaining OLB on MYC4 is € 2,412 and they are expected to continue repaying to the end.

SISDO also continue to repay their portfolio after the mutual decision to terminate the partnership in early 2014. Their OLB currently stands at €53,807 and their weekly repayments continue to be received regularly.

Milango is as expected about to attain the maximum OLB for a pilot provider which is €150,000 hence MYC4 is scheduling a pilot evaluation later in the month of June. Hereafter Milango will hopefully be given a go ahead to upload as much there is required for a C class provider (maximum of 350,000 Euros) depending on the pilot evaluation outcome and the requirement that their portfolio on MYC4 does not go beyond 30% of their outstanding portfolio.

Uganda Providers

In July MYC4 exits from Uganda, hence no loans from Uganda will be uploaded on the MYC4 platform from 1st July. Below is an update of how the providers are fairing on despite MYC4 plans to exit the Ugandan market.

TUGGatsbyumf

 

 

 

 

 

 

 

Tujijenge Uganda continues to upload loans every week, the repayments come in every week and they have continued they continue compliance with MYC4 policies, their current OLB stands at €67,055.

Gatsby was paused last year due to issues with the PAR 30 being too high, as well as other internal organizational challenges they were facing. So far they have continuously been transferring repayments, their OLB currently stands at €174,847.

Uganda Micro-credit Foundation occasionally uploads on MYC4, they have continued transferring repayments every week and their current OLB stands at  € 178,737.

 

Tanzania Providers

Providers from Tanzania were paused from uploading on MYC4 in April as MYC4 pulled out of the Tanzanian Market. Below is an update of how the providers fair on in terms of repayments, we look at;  Tujijenge Tanzania, Mtaji, Fanikiwa and BELITA.

TanzaniafanikiwaMtajiBelita

 

 

 

 

 

 

Tujijenge Tanzania had initial challenges with the new way of transferring repayments to MYC4 after INTL closed shop in Tanzania. However as of last week, they have started transferring and it is believed that they will continue on the same trend, Tujijenge’s portfolio now stands at €129,498.

Fanikiwa Microfinance company Limited has been transferring repayments in good time, however their PAR 30 has been high. They have been working on reducing it and it has now gone down from 50% to 13%. Fanikiwa’s OLB currently stands at  €67,373

Mtaji Micro-credit Facility has been having challenges with the new ways of transfering, it is believed that this will change soon, Mtaji’s current OLB is €80,958.

BELITA

Belita has fully paid the OLB, however they are now in the process of paying for the defaulted amount which amounts to €3770.61

 

Potential Providers

MYC4 has been searching for new providers in Kenya and at the moment there are two potential providers. These are;

REMU DTM Ltd – REMU Deposit Taking Microfinance Limited (REMU DTM) is a Kenyan micro finance company licensed by the Central Bank of Kenya under the Micro Finance Act and Regulations (2008). The due diligence has been done and and we are hoping to get started soon.

JUBILANT Kenya Ltd (JKL) – Jubilant is a Kenyan micro finance company based in Mombasa. It was incorporated on 11th May, 2012, it specializes in offering financial services to all the sectors targeting mainly the rural areas with the aim of unlocking the potential that lies in those areas. The effect of this will be improved livelihoods and subsequently wealth creation for borrowers. MYC4 is currently reviewing the Due diligence of Jubilant and will proceed with them subject to a positive outcome.

 

 

 

 

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