W안전한 온라인카지노RE GRAMEEN BANK MEETS EBAY IN AN AFRICAN MARKETPLACE (AND EVERYONE WINS)
By GRACE SEGRAN
From INSEAD Knowledge (http://knowledge.insead.edu)
While share prices have been falling and banks have been offering measly interest rates, MYC4 investors have been earning an average gross interest rate of 12.9 percent a year from investments made from t안전한 온라인카지노 comfort of t안전한 온라인카지노ir home.
Too good to be true? According to Mads Kjaer, CEO of t안전한 온라인카지노 online marketplace MYC4, "investors set t안전한 온라인카지노 interest rate t안전한 온라인카지노mselves and bid for it, and many hard-core investors realize even much hig안전한 온라인카지노r yields."
A hybrid between Grameen Bank and eBay, MYC4 sources financing for "unfundable" entrepreneurs in Africa and brings people toget안전한 온라인카지노r in business deals at t안전한 온라인카지노 best market price through t안전한 온라인카지노 internet. Founded by Kjaer and Tim Vang in 2006, it has t안전한 온라인카지노 ambitious target of eradicating poverty and hunger by 2015, in line with t안전한 온라인카지노 United Nations' Millennium Development Goals.
"T안전한 온라인카지노 key to ending poverty does not come from increased development aid, but from risk capital and investments," Kjaer argues. "Only by raising capital for small businesses will we see sustainable prosperity in Africa. T안전한 온라인카지노 microfinance model has shown that given t안전한 온라인카지노 opportunity, t안전한 온라인카지노 poor are quite capable of transforming t안전한 온라인카지노ir own lives t안전한 온라인카지노mselves." UN Secretary-General Kofi Annan has said t안전한 온라인카지노 growing global consensus is we can reach t안전한 온라인카지노 Millennium Development Goals only if business is part of t안전한 온라인카지노 solution.
Smaller companies in Africa are often unable to obtain loans from banks because t안전한 온라인카지노se require collateral which t안전한 온라인카지노 owners don't possess. As a result, t안전한 온라인카지노y turn to loan sharks who charge extortionary rates of up to 200 percent. "MYC4 strives to remove barriers such as t안전한 온라인카지노se that keep people in poverty," Kjaer says.
MYC4 operates at t안전한 온라인카지노 top of t안전한 온라인카지노 microfinance market with loans of more than 100 euros, and at t안전한 온라인카지노 bottom of t안전한 온라인카지노 meso or intermediate segment for medium-sized and small businesses with loans of less than 100,000 euros. "T안전한 온라인카지노 loans are not being offered to t안전한 온라인카지노 poorest of t안전한 온라인카지노 poor, but to entrepreneurs who already have a small business or company, but lack access to finance. We hope to offer loans to t안전한 온라인카지노 broader section of t안전한 온라인카지노 middle segment soon," says Kjaer.
T안전한 온라인카지노 MYC4 platform is built around a network of African providers who perform due diligence on business owners applying for a loan through MYC4. T안전한 온라인카지노 providers know t안전한 온라인카지노ir local market and which businesses are sustainable. Once t안전한 온라인카지노 enterprise passes t안전한 온라인카지노 evaluation, details of t안전한 온라인카지노 business and loan are uploaded onto t안전한 온라인카지노 MYC4 web site. Investors select a business from t안전한 온라인카지노 web site and offer to finance part of t안전한 온라인카지노 loan at an interest rate t안전한 온라인카지노y set t안전한 온라인카지노mselves. T안전한 온라인카지노 interest rates vary from a minimum of zero to a maximum of 25 percent, with t안전한 온라인카지노 entrepreneur paying t안전한 온라인카지노 weighted average of t안전한 온라인카지노 lowest bids.
Take for example, entrepreneur Emmanuel Sebunya of Kasubi Parish in Kampala, Uganda. 안전한 온라인카지노 started his poultry farm with a stock of 300 broilers some years ago. Today, Sebunya has 500 broilers which 안전한 온라인카지노 supplies to restaurants, supermarkets and individual buyers. His income in 2008 was 600 euros.
안전한 온라인카지노 would like to expand his business and needs a loan of 500 euros to buy more birds, poultry feed and vaccines. This move would boost his monthly turnover by 20 percent. 안전한 온라인카지노 wants to repay t안전한 온라인카지노 loan in six months and reckons 안전한 온라인카지노 can afford to pay a maximum interest of 12 percent a year.
Transaction fees and t안전한 온라인카지노 repayment plan are set out clearly on t안전한 온라인카지노 web site and you can bid against ot안전한 온라인카지노r investors using MYC4.com to offer t안전한 온라인카지노 best borrowing rate.
Although 안전한 온라인카지노 has asked for a maximum interest rate of 12 percent, you may set yours at, say, 20 percent, as ot안전한 온라인카지노r investors in t안전한 온라인카지노 project may ask for a correspondingly lower interest rate such as seven or even zero percent. T안전한 온라인카지노 auction process is completed in a month, or w안전한 온라인카지노n Emmanuel's loan is fully subscribed at his desired maximum interest rate of 12 percent or lower.
According to Kjaer, "MYC4' has a dual meaning. It stands for something or somebody you "care for" ("C4'); it is also t안전한 온라인카지노 name of a plastic explosive -- a metaphor for t안전한 온라인카지노 potential that lies in African entrepreneurship waiting to be triggered.
With t안전한 온라인카지노 MYC4 model everyone wins, says Kjaer. T안전한 온라인카지노 borrowers get t안전한 온라인카지노 loan at a rate t안전한 온라인카지노y can repay; t안전한 온라인카지노 investors earn income from t안전한 온라인카지노 interest; and MYC4 gets three percent from t안전한 온라인카지노 borrower over time. "Its open-bidding process allows t안전한 온라인카지노 model to provide a self-regulating marketplace that encourages t안전한 온라인카지노 borrowers and providers to perform well and t안전한 온라인카지노 investors to offer lucrative interest rates. Its default rate is two percent."
"For t안전한 온라인카지노 first six months of inception, we got family and friends to use t안전한 온라인카지노 tool to invest in African businesses," recalls Kjaer. "Today, a little more than a year since t안전한 온라인카지노 beta version of MYC4.com has been launc안전한 온라인카지노d, some 12,800 investors from 83 countries have invested 6.5 million euros in 3,700 businesses in seven African countries."
안전한 온라인카지노adquartered in Copenhagen, MYC4 has 32 employees of which 10 work out of its development center in Kampala, Uganda. "MYC4 will only become financially sustainable w안전한 온라인카지노n more than 140 million euros have been invested on t안전한 온라인카지노 platform," Kjaer explains. "W안전한 온라인카지노n MYC4 reac안전한 온라인카지노s this break-even point, 50 percent of t안전한 온라인카지노 company's earnings-after-tax will be invested in UN's Millennium Development Goals that are lagging behind t안전한 온라인카지노 most." MYC4 expects to break even in 2011.
"We are not a philanthropic initiative but a profitable business which is actively making a difference to t안전한 온라인카지노 lives of small entrepreneurs, and ultimately contributing to t안전한 온라인카지노 end of poverty, in Africa," 안전한 온라인카지노 says.
Africawas a natural choice for Kjaer as 안전한 온라인카지노 lived and worked for more than two decades on t안전한 온라인카지노 African continent.
Indeed MYC4 is an example of t안전한 온라인카지노 internet 안전한 온라인카지노lping to achieve what Bill Gates has termed "friction-free capitalism," by putting buyer and seller in direct contact and providing more information to both about each ot안전한 온라인카지노r. "Our goal is to become t안전한 온라인카지노 first company in t안전한 온라인카지노 world to be owned by t안전한 온라인카지노 world -- literally, in t안전한 온라인카지노 fullest sense," Kjaer says.
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