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avatar image Kjell
Investor
Level 8
  very tough times
Posted 24.11.2009 20:36 CET

Can you present it on a monthly basis too? How many fully/partly/zero repayments per provider were transfered in August, September, October and November 2009? When did the majority of the businesses default? Was there a difference in repayment rates around x-mas last year compared to say February 2009? What is the largest amount of repayments the different providers have provided in one month so far and how many were zero repayments in the same month? Has the number of defaults of a provider something to do with the total number of loans open? I'm sure there are quite a lot of interesting things to see from some proper reporting here.





avatar image Henrik Juul-Madsen
Investor
Level 7
  very tough times
Posted 22.11.2009 14:14 CET

It is quite easy to obtain from provider stats

Provider No. Loans Repaid Default Repaid % Default % Repaid euro default euro Default % euro
FED 2085 1031 516 49,45% 24,75% 1.673.883 377.020 18,38%
Growth Africa 1114 528 276 47,40% 24,78% 1.140.405 290.980 20,33%
Ebony Foundation 690 110 4 15,94% 0,58% 649.067 4.859 0,74%
Uganda Gatsby Trust 781 66 22 8,45% 2,82% 745.703 25.303 3,28%
Notre Nation 275 1 274 0,36% 99,64% 168.241 385.059 69,59%
Ivoire Credit 186 10 176 5,38% 94,62% 180.700 217.889 54,67%
Change 2 Africa 70 2 0 2,86% 0,00% 24.892 0 0,00%
Birima 23 0 0 0,00% 0,00% 66.404 0 0,00%
Premier Ressource Consulting 14 0 0 0,00% 0,00% 41.593 0 0,00%
Micro Africa 41 11 0 26,83% 0,00% 28.344 0 0,00%
Tujijenge Tanzanida 6 0 0 0,00% 0,00% 9.256 0 0,00%
Green Power 1 0 1 0,00% 100,00% 1.209 423 25,92%
Micro Africa 5 0 0 0,00% 0,00% 21.033 0 0,00%
Techno Serve 1 0 0 0,00% 0,00% 3.806 0 0,00%
Micro Africa 0 0 0 0,00% 0,00% 0 0 0,00%
Fusion Capital Ltd 3 0 0 0,00% 0,00% 0 0 0,00%









Country No. Loans Repaid Default Repaid % Default % Repaid euro default euro Default % euro
Sum 5295 1759 1269 33,22% 23,97% 4.754.535 1.301.534 21,49%
Uganda 2866 1097 538 38,28% 18,77% 2.419.586 402.324 14,26%
Kenya 1814 638 281 35,17% 15,49% 1.815.520 296.262 14,03%
Ivorie Coast 461 11 450 2,39% 97,61% 348.941 602.948 63,34%
Tanzania 76 2 0 2,63% 0,00% 34.147 0 0,00%
Senegal 23 0 0 0,00% 0,00% 66.404 0 0,00%
Ghana 14 0 0 0,00% 0,00% 41.593 0 0,00%
Rwanda 41 11 0 26,83% 0,00% 28.344 0 0,00%



avatar image Kjell
Investor
Level 8
  very tough times
Posted 14.11.2009 11:39 CET

Quote from: CHARLES D OTINE on 13.11.2009 10:10 CET
Dont you think it would be good to give an analysis of all the investments made by myc4 on the behalf of investors
and how many have actually paid back versus how many have failed. This could also be categorised by country.
That way it would give us a better scenario of whats on the ground. Or else the best thing is to withdraw the money just like i did.

I couldn't agree more. A better reporting system, or maybe I should say, a reporting system on the performance should be the first thing investors see. I proposed some basic reports here:

https://www.myc4.com/Forum/View/14/7382

Displaying the average net earning on the front page and some general information about the risks doesn't help investors one bit to be frank, unless they think twice and invest their money elsewhere. In my opinion MyC4 should put in place some effective reporting tool ASAP so that the remaining investors as well as potential new ones can quickly get an overview of the providers' performance. MyC4 must already have the necessary data. Fixing some queries and displaying the data should be elementary. 



avatar image CHARLES D OTINE
Investor
Level 4
  very tough times
Posted 13.11.2009 10:10 CET

Well I for one felt tricked.... I noticed that my monthly email notifications of  payments were not coming in at all after awhile.
I logged on to the platform and did my account report and i stand to loose about 69 Euros or something, i think the investors
should have been better prepared for this. And even when you look at the investments this comes from a failure of about 4 or more
business. Dont you think it would be good to give an analysis of all the investments made by myc4 on the behalf of investors
and how many have actually paid back versus how many have failed. This could also be categorised by country.
That way it would give us a better scenario of whats on the ground. Or else the best thing is to withdraw the money just like i did.



avatar image Marie Villumsen
Investor
Level 10
  very tough times
Posted 11.11.2009 20:15 CET

Hi Mille,

Just to mention that I don't as such think MyC4 had a wrong media strategy - the information given to the media was given 'in good faith'. And I also think that MyC4 has been very honest about the challenges in recent media coverage as well as communication to investors.
 
By changing the information on the front page, explaining about the challenges in the newsletter and sending out emails about the Ebony 'situation' to people who have invested through Ebony you have clearly shown that you are responsive to investors' calls for transparency and communication.

So in general I think there has been big improvements in communications.

Marie



avatar image MYC4 STAFF
Investor
Level 6
  very tough times
Posted 11.11.2009 11:23 CET

Hi Marie and Peter,

You are very right! When I first started with MYC4, I focused a lot of efforts on getting MYC4 in the media, and it was extremely positive to see that both the media and readers/viewers/listeners were just as exited with MYC4 as I was (and still am)!

At that point, however, we had a fairly different expectation to the possibility of earning a profit on MYC4. We had a firm belief that even with an average interest of 13 %, Investors would earn a profit after defaults and currency loss/gain. The media attention did also teach us a very important lesson: that the 13 % average interest rate was understood as investors' net earnings. I remember a feature in TV-Avisen, where the message more or less was: Put your money with MYC4 instead of the bank. Seen in hindsight, we were too slow and too bad at informing Investors of the risk when investing, just as we definitely did not expect the situation in e.g. Ivory Coast to happen, and the increasingly poor performance with some other partners. I don't blame the media, I blame ourselves. But at that point in time, we went out with the message, because we strongly believed that was the direction we would go. NOT because we wanted to trick people into investing their money in Africa.

As I have said before, we know we do not live up to Investors' expectations. We do not live up to our own expectations either. But we face the facts and do whatever possible to turn things around to eventually be able to offer an attractive investment opportunity, which will change lives in some of the poorest countries in the world!

Thanks for your comments!

Mille
MYC4


avatar image Peter W. Andersen
Investor
Level 9
  very tough times
Posted 10.11.2009 17:22 CET

You are right Marie.

When Mads was on "Aftenshowet" He did "forget" to tell some of the drawbacks.

Btw - I stand to loose maybe 1000€. That is peanuts compared to ie. Mads and the investmet-companys he controles.

I would wery much like to hear from one of the big guys what they think of the situation.

Peter



avatar image Marie Villumsen
Investor
Level 10
  very tough times
Posted 10.11.2009 17:00 CET

Quote from: MYC4 STAFF on 10.11.2009 13:59 CET

....

As a reply to Peter’s comment:

“At least it shoud be made clear to new investors that chances are big that they will loose the invested money. ”

We have tried to make it very clear to new investors that currently, it is difficult to earn a profit when you invest via MYC4. We display the average net earning (which is negative) on the front page, and we inform about the risks there are to consider when investing. I am not saying we cannot be better at providing new and existing investors with information on risk, but I believe everyone has a fair chance to get the information.

The emergency break has been pulled. We know, we have a lot of work to do, before we can speed up again.

All the best,

Mille
MYC4


Hi Mille,

I really appreciate your communication in the forum.

Just a short comment - I think one of the reasons people are not fully aware of the risks are just as much related to the media coverage of MyC4 (at least in Denmark), where the concept has been praised over and over again - always over the same main message 'earn money while eradicating poverty'.

marie



avatar image Joerg Schwieder
Investor
Level 10
  very tough times
Posted 10.11.2009 15:32 CET

Mille,

this sounds promising. Let's see what comes out of the management meeting.
While I have been pushing the fact that I want to see results before I start investing again, I will always stay open. I believe in your idea and as soon as I see things improve, I'm ready to start investing again and bring back my money.

And I think I've made clear what I expect for that to happen :-)

I know you have a tough time, especially from a communications standpoint, so good luck...

Cheers,

Joerg


avatar image MYC4 STAFF
Investor
Level 6
  very tough times
Posted 10.11.2009 13:59 CET

Dear Investors,

I thank you for your honesty and for taking your time to letting us, as well as your fellow investors, know about your opinions and thoughts of MYC4. Even though this is not all positive, it is extremely valuable to us. MYC4 has had its time of praise and unlimited support to the concept. We fully admit that we have made some mistakes along the way, and we have had some unforeseen challenges. Therefore, we need to be extremely responsive to both positive and negative criticism – simply because this is the only way we can learn and improve.

Some of you have been with us all the way through the tough and good times (amazing how much we have gone through in just 24 months!), and some have just joined. I think, we all share the same passion for improving the world and giving each and every single person a fair chance to change their lives. Therefore, I hope to continue to have your support, whether or not it is as active investors.

As I have written earlier, I know perfectly well that what it takes is proof (@ Peter, point taken. As I wrote in my personal email to you, I understand your frustrations and apologize that we have not been able to deliver on our promises yet!) The fundament for proving that our model works has been built. We have changed the organisation and added more skills within finance, IT and analysis. And we have shrinked the marketing team to consist of me, and I do not do much marketing! We have established a regional office in Nairobi, and we have changed a lot of procedures and approaches to selecting partners. As written in this thread, the executive management and the board are right now in the middle of a three day strategy seminar to make some important decisions on how we can effectively deliver on our strategy – I will keep you updated on the concrete outcome within the coming weeks.

As a reply to Peter’s comment:

“At least it shoud be made clear to new investors that chances are big that they will loose the invested money. ”

We have tried to make it very clear to new investors that currently, it is difficult to earn a profit when you invest via MYC4. We display the average net earning (which is negative) on the front page, and we inform about the risks there are to consider when investing. I am not saying we cannot be better at providing new and existing investors with information on risk, but I believe everyone has a fair chance to get the information.

The emergency break has been pulled. We know, we have a lot of work to do, before we can speed up again.

All the best,

Mille
MYC4


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