After revolutionizing payments in East Africa with it’s M-Pesa service, Safaricom has now introduced M-Kesho. Want a loan? No need to go to a bank. All the 9.8 million M-Pesa users need to show to be eligible for a loan is 6 month history of M-Pesa transactions. Loan amounts go up to equivalents of about 50 US$.
That’s the name of a microlending platform, where lenders can lend to palestinian entrepreneurs in the Palestinean territories. I have not used Lendforpeace.org, but from what I read, it works just like Kiva but targets a specific region. Lendforpeace launched 5 days ago. When I looked today there where 8 loan requests in various degrees of funding.
Lendforpeace is a US non-profit organisation founded by 2 Jews and 2 Palestinians: Sam Adelsberg, Andrew Dudum, David Fraga and Al Taj.
Our mission is to use micro-lending to promote economic opportunity and political stability in the Middle East.
At LendforPeace.org you can make a loan directly to a vetted micro-entrepreneur in the West Bank. We work with US government-approved microfinance institutions on the ground to deliver your capital along with training and guidance to low-income individuals who are interested in starting or expanding their own small businesses.
LendforPeace.org is supported by grants from the Clinton Global Initiative, Ashoka Youth Venture, Davis Projects for Peace.
For users with a specific interest in this region Lendforpeace may be an interesting supplement to using Kiva.
Today a new MyC4 release went online. The new version allows multiple standing orders which can be targeted by country, provider and/or industry of the borrower. There are several small improvements in usability, e.g. display of borrower APR.
MyC4 users have transfered 507,000 Euro in funds, but so far only 214,000 Euro of those have been loaned. Demand in loan opportunities is lagging behind investor's cash looking for investments. The majority of lenders (investors) still is Danish – MyC4 is located in Denmark, but the number of investors in other countries is rising.
So far I am satisfied with MyC4. I have invested in more than 50 active loans – true microloans – sometimes my share is as low 10 Euro – and so far everything is going smooth. Another 16 bids are on open listing opportunities.
In early September I started funding peer-to-peer microloans to African entrepreneurs on MyC4. Yesterday the first repayments were credited to my account. Siraje Sselugo, a poultry farmer, that wanted to increase the number on chicken paid on time. I had loaned him 20 Euro for a 6 month term at 24% interest. Lydia Lwanga, who sells school stationary and wants to stock more products with the loan, repaid on time. My loan to her was 15 Euro for a 6 month term at 22% interest. All the other repayments were on time, too:
(Screenshot of my account balance at MyC4).
MyC4 allows minimum bids of 10 Euro. So far my portfolio contains 37 small bids on funded loans.
MyC4.com switched today from closed beta to public beta. Now it is possible to browse the site without registering. For example click on one of the opportunities on the left of the screen and you get a good idea of the concept.
MyC4 allows lenders to do microlending to entrepreneurs in Africa. Lenders do get paid interest. Check the previous P2P-Banking coverage of MyC4.