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Posts Tagged ‘Tujijenge Uganda Ltd’

Tujijenge Uganda

TUG has continued  to  honor  their repayment agreement. The September repayment has already been received and they are hopeful that they will clear their loans by end of the year as indicated earlier.

TUG

 

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Below is a follow up update on providers from Mid August.

Kenyan Providers

KEEF

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

 

 

 

Keef

Milango

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.

Milango

Yehu

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 .

Yehu logo

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.

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Tanzania Providers

Mtaji

Mtaji has made their July repayment to MYC4 and is following up with the August repayment.

Mtaji

 

Uganda Providers

Tujijenge Uganda

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.

TUG

 

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KEEFKeef
Following the July update on KEEF that included a statement from KEEF CEO, Daniel Kimani, investors have requested for more details on the situation. This blog post intends to answer these questions share with you progress made so far. KEEF momentarily pended normal operations in the collection of repayment and issue of new loans, in order to investigate fraud charges against some of their loan officers. This resulted to slow or no repayments beyond the temporary 2 months’ halt of activities, as it has taken tremendous effort to get the groups back into a steady, monthly repayment pattern.. The team at KEEF is now focused on reactivating borrowers amidst rumors within the industry that the company may be struggling to remain afloat. While such rumors may slow down repayments, the new structures in place are more effective and yet deliberate in flagging anomalies in loan uptake and repayments. ,
The court case against the loan officer suspected to have initiated the fraud has seen several sessions in court. However, the slow pace at which the case is moving encourages us to

A KEEF Borrower

A KEEF Borrower

begin a normalization process rather than get held up by the pending outcome of the case. A key output from the MYC4 and KEEF recent engagements is the decision for KEEF to access credit that will be partially used to pay off the late installments that have accumulated since June. Upon receipt of this funding, KEEF will be able to drop their PAR 30 Days, to zero, and bounce back to offer new loans on the MYC4 platform. This is just one of the many decision areas implemented by KEEF to get the business back on track. We look forward to support KEEF as they re-start normal operations and counter the distrust in industry.

At MYC4, we appreciate that fraud automatically lends our providers to financial and reputational risks, among other risk types. We therefore work very closely with the Provider to establish quick ways back into main stream business. The return of KEEF on MYC4 platform is as a result of joint efforts, cooperation, and transparency by KEEF, MYC4, and our valued investors. We are looking at a two week lead time before KEEF is back on MYC4 platform. When this happens, we shall bank on your support to fund their new loans. The learning picked from this case will be used to improve our Investor Communications to ensure timeliness and speed of information sharing.
Uganda and Tanzania Providers
In June, MYC4 decided to stop lending activities in Uganda and Tanzania to concentrate on the Kenyan market. The Providers in the two countries were disappointed but appreciated the change in MYC4’s strategy for East Africa. Providers such as, Gatsby, Fanikiwa and Tujijenge, in Tanzania, expressed their wish to pay back their outstanding MYC4 loan balance over a period of few months. , Others, like UMF in Uganda, preferred to pay back to MYC4 as the loans matured. A third category, consisting of Mtaji and Tujijenge Uganda, requested for a structured repayment agreement over the next 12 months. Investors will therefore notice their loan repayments coming in at irregular intervals, yet some at later than scheduled. MYC4’s motivation is the commitment to meet all Providers with a solution within their capabilities as long as the full repayment of the outstanding portfolio is assured.
Premier Kenya Limited a new, experienced MYC4 Provider in Kenya22
This summer MYC4 was proud to extend our first wholesale loan to a Kenyan start-up MFI Premier Kenya Ltd. Start-up is, however, not a very precise description, since the team behind Premier is the same that built Micro Africa, a MYC4 Provider since 2008 that has successfully extended 2,639 MYC4 loans to Kenyan entrepreneurs. Since the start of operations in early 2014, Premier has already grown to 11 branch offices and 67 loan officers. They apply state-of-the-art modern technology in their loan methodology and administration, based on the new and highly efficient MAMBU MIS. Due to their fast growth rate, MYC4 and Premier agreed in September 2014, that Premier will also be offering retail loans on the MYC4 platform, the first of which were uploaded and funded within hours on October 13th. A warm welcome to Premier Kenya! We are confident that you will spot many loan opportunities from them going forward.
Loans on the platform
Many investors may have noticed the empty page whenever they visit the MYC4 platform to choose an African entrepreneur to support. This

regrettable situation is a combination of three things:
1. Our old Providers in Uganda and Tanzania stopped offering loans on the platform this summer when MYC4 decided to concentrate activities

in Kenya in order to penetrate the Kenyan market.
2. The process of identifying and screening new Providers in Kenya has to be thorough and precise. This requires additional resources at MYC4 East Africa
3. As there is a temporary surplus of capital on the Platform, loans fund very fast. Since we recently reduced the time for loans to remain open for bid after funding, the loans disappear a few hours after they have been uploaded
As we sign up new Providers in Kenya and more loans get uploaded, this will increase the time of bidding and availability of loans to bid. Until that happens, we request our investors to be patient.
To those investors who have concerns about the inactive fee which is applied to investors after 12 months without any bidding activity, we suggest that they make one bid on a loan (or activate autobid) as this will give them another 12 months window where the fee will not be applied.
New faces at MYC4 East Africa
Mid-October 2014, two new members of staff joined the MYC4 team in Nairobi – both of them with the mission to grow the activity in Kenya in the future: Dickson Momanyi and Julius Kasanga. Both have solid financial backgrounds and they are currently undergoing training in the MYC4 system before they can start supporting our existing Providers and sign on new ones. It is MYC4’s ambition to obtain nationwide coverage in Kenya and to channel loans to both micro- SME- and rural entrepreneurs within the next year.

Recognizing that MYC4 has not been living up to our investors’ and other stakeholders’ expectations when it comes to communication, MYC4 has decided to hire a Communications Officer at our Nairobi office. Caroline Mbugua will be in charge of investor communication; she is a communications graduate from Daystar University and will be updating the investors on the providers’ performance as well as other news items pertaining MYC4.  MYC4 appreciates the support received from investors thus the need to prioritize communication.

Dickson, Carol and Julius at the MYC4 Nairobi office

Dickson, Caroline and Julius at the MYC4 Nairobi office

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Below is an update of providers in the month of September.

Kenya Providers
Kenya providers paid a total of 67,271 Euros in the month of September, below is a break-down of which provider paid what and the general overview of their performance;

 

 

KEEFMilangoSisdoJubilant

 

 

 

 

 

 

 

KEEF –  is MYC4’s biggest provider with a significant share of our outstanding portfolio. We will update more specifically on the situation in a separate blog. In a nutshell, at the moment they are experiencing problems due to fraud by staff, and subsequent immediate action taken to address the fraud: The suspension of activity for a certain period to facilitate investigations meant that some repayments were skipped. We however remain optimistic that the situation will turn around – group meetings have now resumed.

Milango – This month saw Milango pay approximately 5,000 Euros. MYC4 suspended further uploads from them until they increase capitalization of the institution, and address issues. They are having disputes among key shareholders that are now in court of law. The OLB still stands at € 166,191.65 and the par 30 is at 79.17%. They have two grouped amounts totaling to about 15,000 Euros for which we are expecting payment.

SISDO –  is in the process of reconciling their records with MYC4s ; but in the meantime they have grouped the pay-off amount to clear their portfolio. This is expected to be received in October. SISDO management team has changed from the time of our initial engagement, and we hope to have positive discussions on re- engaging with MYC4.

YEHU – repaid a total of 60,494 Euros in the month of September, and has continued to upload loans every week. YEHU has potential to grow with MYC4 and MYC4 is therefore encouraging her to upload more on the platform. The current OLB is € 327,115.34 and has no loans on Par 30 and above.

Jubilant – so far has paid a total of 1,771 Euros and continues to pay on weekly basis. The pilot review for Jubilant has been done and they will have their limit increased. Their current OLB is €€ 80,608.66 and they currently have no loans on Par 30 and above.

Premier Kenya – MYC4 East Africa already had the wholesale loan disbursed to Premier Kenya for on-lending to their borrowers. We are pleased to have Premier Kenya on board now as a provider for the retail lending. Premier Kenya is growing well as it has good governance, good structures, and adequate capitalization.

Tanzania Providers

Tanzania providers repaid as depicted below.

 

 

MtajifanikiwaTanzania

 

 

 

 

 

 

 

 

 

Mtaji – repaid a total of 8,139.91 Euros in the month of September. The current OLB is € 80,958.26 and the par 30 still remains at 100%. .

Fanikiwa – repaid their entire portfolio to MYC4 in this month and MYC4 wishes them all the best in their endeavors.

Tujijenge Tanzania – repaid a total of 42,537.69 Euros in the month and they are in the process of reconciling their accounts so that they pay-off the entire amount by the end of October. The OLB currently stands € 49,071.90 with a par 30 of 53%.

Uganda Providers

Uganda providers repaid a total of 23,350.58 Euros in the month, below is a breakdown;

 

 

TUGumf

 

 

 

 

 

 

 

 

 

Tujijenge Uganda – repaid a total of 8,104.41 in the month and is expected to continue paying every week until the portfolio is fully repaid. The current OLB currently stands at € € 65,297.37 and par 30 is 70%

Uganda Microcredit Foundation – repaid a total of 15,246.17 Euros in the month. Their current OLB is € 78,568.39 and they have no loans on par 30 and above. A grouped amount of around 25,000 Euros was grouped and is expected in the month of October.

 

 

 

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August has been a rather slow month in terms of repayments and below is an update on the countries. September however looks more promising…
Kenyan Providers

KEEFSisdoMilangoJubilant

 

 

 

 

 

 

KEEF – The provider started the month by repaying  KES.610,365.21 (5,186 Euros)  and later in the month grouped two amounts totaling to KES.735,540 (approximately 6,296 Euros).   This is however yet to be received by MYC4 and we are hopeful it will be receive in the month of September. The PAR 30 has remained at 100% and currently the portfolio stands at € 835,036.36. MYC4 is in dialogue with KEEF on a transparent way to make sure that repayments received are repaid to investors.

YEHU – Continues to upload every week although uploads have significantly dropped but they have promised to upload more in September , the repayments are timely and the Par 30 is at 0%. Their current OLB is € 319,972.59 and has potential to grow.

SISDO – The provider is working on a way to pay off the portfolio and are in the process of reconciling, MYC4 is looking at possibilities of having SISDO come back on the platform, more information on this shall be communicated once the a concrete decision has been made.
Milango – The Par 30 declined this month and is currently at 14% , MYC4 is working with Milango too make sure that repayments are entered once received and that transfers are done in a timely manner. Milango’s AGM is around the corner and they will be looking at ways of sourcing for funds from other lenders so as to grow in portfolio enough to start uploading on MYC4. MYC4 is currently 30% of Milango which is the limit.
Jubilant– Our newest provider started repaying on MYC4 loans late in August, they continue to upload loans every week. There current OLB is € 42,107.60 and their Par 30 is at 0%. A pilot review will be performed on the provider later in the month of September as the pilot period comes to an end.

Uganda Providers

GatsbyTUGumf

 

 

 

 

 

 

 

 

Gatsby – The provider fully paid off the portfolio in the month and MYC4 wishes Gatsby well in all their endeavors.

Tujijenge Uganda limited – The Par 30 deteriorated towards the end of August and is currently standing at 20%, after audience with MYC4, Tujijenge uganda agreed to be transferring an amount of approximately € 1300 every week for the reminder of the OLB which stands at € 73,543.07. This week MYC4 received  € 3,953.41 from Tujijenge Uganda which was supposed to have been confirmed last week but was not.

Uganda Micro-credit Foundation – has been continuing repaying the MYC4 portfolio and in the month of August repaid a total of € 24,525.52 and they are expected to continue with that trend till they finish repaying the entire portfolio. Their current OLB is € 102,744.57 and Par 30 stands at 0%.

Tanzania Providers

MtajifanikiwaTanzania

 

 

 

 

 

 

 

Mtaji – After a meeting with MYC4, Mtaji has committed to paying approximately €6,977 every month in the process of repaying the portfolio. This monthly installment will be increased once Mtaji gets funding from other lenders; they are currently looking for funding sources to replace the gap MYC4 left.  This week a total of approximately € 6,900 is expected to be received from Mtaji. The institutions current OLB is at € 80,958.26 and Par 30 is at 100%. This is expected to be a start to consistent  repaying by the institution, MYC4 is also closely monitoring the default situation to make sure that no loans are defaulted.

Fanikiwa – The institution repaid a total of € 12,503.54 in the month of August and continues repaying every 2 weeks. The OLB currently stands at € 28,824.05 and the Par 30 stands at 31% – MYC4 is working with Fanikiwa to ensure they Par 30 drops to acceptable levels even as they continue making repayments.

Tujijenge Tanzania – The institution repaid a total of € 46,022.70 in the month of August and they are expected to pay a similar amount in the month of September. The OLB stands at € 98,588.43 with a Par 30 of 49% , Tujijenge is working on reducing the Par 30 even as they continue repaying the reminder of the OLB with MYC4.

 

 

 

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July is the month that saw the first ever wholesale loan on MYC4 fund which is a great milestone. Jubilant Kenya also joined  the list of Kenya MYC4 providers in the month. Below is an update on how the other providers are fairing…

Kenya Providers

 

KEEF

SisdoMilango

 

 

 

 

 

 

 

 

 

KEEF – As you are aware KEEF experienced Fraud in the recent past hence the deterioration of their par. In the last 2 weeks of July, KEEF has been working on ways to reduced their PAR 30 and have had repayments of 5,186 Euros. They are expected to continue with repayments every week as was before and this week MYC4 is expecting approximately 3900 Euros from them.

SISDO – has continued repaying the portfolio and there currently have an OLB of  € 34,646.44  with a par 30 of 2.87% .

Milango – reached its ceiling as per our policy. After the evaluation it was noted that their total PAR30 both internal and on the platform for the organization was high and therefore they were given some time to rectify the situation which they are progressing well. In addition, MYC4 is almost 30% of Milango’s total OLB, which is the ceiling. Milango will be having an AGM this month where the shareholders will discuss and approve more funding for Milango to give them more leverage to borrow.

Jubilant Kenya – The youngest kid on the block is doing well, and currently has an OLB of € 16,491.00 and a Par 30 of 0%. They are expected to upload loan equivalent to € 12,500 a month.

Tanzania Providers

 

TanzaniafanikiwaMtaji

 

 

 

 

 

 

 

Tujijenge Tanzania – The month of July saw Tujijenge pay a total some of € 42,639. They have agreed to be transferring repayments every month, this will enable them reduce the portfolio and also regulate Par 30. Tujijenges OLB stands at € 139,701.32 with a Par 30 of 49%.

Fanikiwa– has been gradually repaying the portfolio every bi weekly, the Par 30 currently stands at 21% with an OLB of € 36,864.38. This week MYC4 is expecting repayments amounting to € 6,000.

Mtaji – July saw Mtaji transfer repayments of € 4,334.50, it is expected that they will continue repaying the portfolio in the months to come. Their OLB currently stands at€ 80,958.26 and Par 30 is 100%. Mtaji is working hard with the help of MYC4 staff to see the Par 30 is reduced and that repayment of the portfolio is back on track.

Uganda Providers

 

umfTUGGatsby

 

 

 

 

 

 

 

 

 

July saw MYC4 Officially pull out of Uganda a few months after pulling out of Tanzania while strategizing to remain in Kenya. The uganda providers have continued repaying their portfolio as expected.  Uganda Micro credit Foundation and Tujijenge Uganda transfer their repayments in good time and their current OLBs are € 138,186.40 and € 69,823.75 respectively and the Par 30 for both is currently at 0%

Gatsby – is in the process of paying off the portfolio , so far they have grouped all their repayments and have transferred half of the amount.

 

 

 

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The last day of June marked the final day of uploads from Uganda. Henceforth, our Uganda providers will join our Tanzania providers in winding down their portfolios. MYC4 continues to search for Providers in Kenya so as to grow its portfolio. Below is an update of all the providers.

Kenya Providers

Kenya will going forward be our country of focus. The microfinance market in Kenya is huge and stable: We will thus utilize our resources to maximizing on the market.

KEEFYehuMilangoSisdo

 

 

 

 

 

 

 

KEEF – The PAR 30 of KEEF has suddenly deteriorated on the MYC4 system hitting 45% by end of June. Repayments from KEEF were not remitted in the month of June, KEEF had incidences of fraud by staff that involved the field staff, in some cases in collusion with borrowers. They had thus temporarily suspended operations so as to undertake forensic investigations to determine the extent of the fraud. They have now resumed operations as they finalize the investigations. We have had several meetings with the management of KEEF to find the best solution for the current impasse. They have assured us of their commitment to MYC4 investors, and we have no reason to doubt their going concern and ability to rectify the current situation. We expect repayments to begin flowing in the month of July. KEEF has 11,398 Euro of repayments that they have collected from borrowers, passed the entries on the MYC4 platform, but are yet to transfer to MYC4. Their current OLB currently stands at € 828,593.96.

YEHU – has continued to grow and has a portfolio of € 298,084.27. They have capacity to grow more on MYC4 platform, given that MYC4 funding is less than 10% of their outstanding loan book. They have remained consistent in their uploads; disbursing 34,788 Euros and making repayments totaling to 33,314.44 Euros in the month of June, their Par 30 stands at 0.00% on the platform.

Milango – Milango had a very good start on MYC4, disbursing an average of 55,000 Euros in the last three months. Milango started repaying in June even as they have reached the required OLB for a provider in the pilot phase. Their current OLB stands at € 162,045.07 and the repayment made for the month of June Total to 1,947.51 Euros with more expected later this week, their Par 30 on the platform is 0.80% We expect limited growth on MYC4 in the month of July as we require them to diversify their funding base; including injection of fresh capital by their shareholders.

SISDO -Current Portfolio stands at € 45,079.97. They continue winding down their portfolio, and in the month of June they paid a total of 18,692.03 Euros, Par 30 is 0.36%

Tanzania Providers

Tanzania has 4 providers namely Tujijenge Tanzania, Fanikiwa, BELITA and Mtaji Credit Facility Ltd. The providers in Tanzania are winding down their portfolios under a new model of direct transfer to MYC4 account in Europe. This measure was caused by the sudden government cancellation of the license of our money transfer agent, INTL Global Currencies, to get money out of Tanzania. The model is more expensive for our partners, so they are doing the transfers bi-weekly.

 

MtajifanikiwaTanzaniaBelita

 

 

 

 

 

 

Mtaji – Mtaji has 32,253 Euro of repayments that they have collected from borrowers, passed the entries on the MYC4 platform, but are yet to transfer to MYC4. Their portfolio at risk on the platform has deteriorated,(72.14%), because we are not allowing them to enter any repayments into our system until they remit all unremitted funds. We are pursuing them to rectify the position at the earliest. The total amount of repayments received in June is 7,082.55 Euros and their total portfolio currently is € 80,958.26, which is net of the unremitted repayments.

Fanikiwa – Fanikiwa’s monthly repayments after we pulled out of Tanzania, have increased compared to the prior period. The month of June saw them repay 21,251.56 Euros, and they are expected to continue with the weekly repayment in July up to until they finish repaying the portfolio, the current portfolio stands at € 57,005.51. Their PAR 30 is currently 17% but they are addressing it through more regular reconciliation exercise.

Tujijenge Tanzania – currently has a portfolio of € 129,498.79 with  a Par 30 of 4.33% on MYC4 and the month of June saw them repay a total of 43,792.14 Euros. It is expected that they continue repaying in the month of July. They are expected to group and transfer repayments of about 40,000 Euros this week.

BELITA -– is currently repaying the defaulted portfolio, amounting to 4,068 Euros. BELITA has experienced liquidity management and collection challenges in the past, but are making good effort to repay their entire portfolio (So far they have repaid 77% of their defaulted portfolio. MYC4 is currently waiting for confirmation for an amount totaling to 636.87 Euros. MYC4 is expecting more repayment from BELITA in the month of July.

Uganda Provider
Uganda has 3 providers namely Uganda Micro-credit Limited,(UMF), Tujijenge Uganda (TUG) and Gatsby limited.

umfTUGGatsby

 

 

 

 

 

 

 

Tujijenge Uganda – Has a portfolio of € 80,815.44 and continue to remit repayments every week. For the month of June, TUG has paid a total of 11,194.33 Euros. They have no portfolio at risk more than 30 days.
Uganda Micro-credit Foundation – UMF did not upload any loans on MYC4 for the entire month of June: They have diversified their funding sources to plug the gap left by MYC4 exit of Uganda. They however have continued repaying and in June they repaid a total of 48,743.01 Euros. Their current OLB stands at € 166,848.09 and they have no portfolio at risk more than 30 days.

Gatsby -Has a portfolio of € 154,546.69 which they continue to repay every week. Gatsby repaid a total of 29,365 Euros in the month of June. Gatsby has indicated their desire to clear their entire portfolio with MYC4 at the end of July. Their portfolio at risk more than 30 days on the platform has remained a challenge, (33.60%): They are working to improve on collections from borrowers and reconciliation of repayments with the MYC4 platform.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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