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Posts Tagged ‘MicroKenya’

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.

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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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Raphael at his work station

Raphael at his work station

MYC4 and Micro Kenya’s Kawangware branch manager Jobes went to visit Raphael Sila Mathuva at his work station at Kirigu police post, Kawangware. Raphael is a MYC4 borrower and a man of many coats. He belongs to the Old mutual group to which he is the chair person. He started his business in 2002 as a bicycle repairer from capital he had raised. By then, bicycles were a very popular mode of transportation in Kirigu. In the current past, he has seen this change and hence there has not been a lot of repair business which has seen him venture into motorcycle business as well. He repairs the motorcycles which he says is a bit complex as compared to the repair of bicycles. This made him further his education so as to have the knowledge especially on the motorcycles’ engine so as to be able to do the correct kind of repair for the different kinds of motorcycles engines that come to his work station. He has two young men who help him at his work station.

 

His other businesses

Raphael also has a transportation business. He has bought a total of 11 motorcycles and rents them out on a daily basis to the youths in his area who in turn conduct business and pay him a total of KES 500 (€4.6) a day per motorcycle. This has seen him be source of empowerment to the youth by offering job opportunity. Raphael deals in Boxer and TVS companies motorcycles, and when we ask him why he uses this Indian motorcycle as opposed to others in the market he informs us that these makes are affordable and low maintenance and also that fuel consumption is manageable.

TVS motorcycle,one of the brands Rapheal purchases

TVS motorcycle, one of the brands Rapheal purchases

This business has enabled him to venture into yet another business of selling motorcycles in Kirigo. He buys the motorcycles from dealers in the city and sells them to the locals, especially the youth who in turn earn a living and shy away from criminal activities. Raphael had at one time opened a grocery shop just near his repair business and his wife was in charge. This was however closed due to low business. These businesses have enabled him take care of his family, however a month before and after the election business was rather slow because of the uncertainty that came with the election.

 

What of tomorrow?

Raphael took a loan of 740 Euros and the aim was to buy additional stock for spare parts for the business so as to facilitate his repair of motorcycle and bicycles which he did as was evident, his business was doing well and he had also invested in his transport business. He plans to expand his business in the future by renovating and expanding his work station as well as buying more motorcycles for rent and sale. When we ask him whether he would stop doing bicycle repair now that the motorcycle business is doing well, this is what he had to say:-

“I will always be of service to the bicycle customers because that is how I started and I am proud of my humble beginning as it reminds me to always be a hard worker. One never forgets where they came from, hence I will always offer my services to the people owning bicycles however few they are.

 

His inspiration

Raphael is a father of 3 children, as young as he looks he tells us he has a son in secondary school. This business has enabled him to educate his children who are in private schools. He believes education is key to their success. His youngest child is 3 years old and we found him at the working station together with his wife who comes to help him with the sale of spare parts in the shop that is adjacent to the working station. The business has also enabled him to buy land, and in the future he intends to put up a family house so as to cut down the cost of renting and enable his family have a permanent place to stay hence security. He is confident that his businesses will enable him achieve this and much more.

Keeping busy

Keeping busy

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