P2P-Banking.com

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.

13 minute video (careful the video is >300 MB, requires fast internet connection) on MyC4. MyC4 facilitates peer to peer microloans to African entrepreneurs.

The video shows the situation in Uganda and many borrowers who talk about their plans. During an audience the founder gets praise by the wife of the president of Uganda for the concept.

Highly recommended viewing.

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.