It’s time for a new investor testimonial; below you can read some of Payam Samarghandis (investor since 2007) thoughts about MYC4 and what could be improved. When we contacted Payam Samarghandi, he immediately offered to help us out with a little interview.
Hi Payam, first of all thanks for participating, can you tell us a little about yourself and your motivation for using MYC4?
I am 22 years old, I live in Denmark and I’m studying law. What perhaps sets me apart from other people at my age is that I am very interested in society in general and the structure of this – and it was exactly because of this interest that I became aware of the existence of MYC4 a few years ago. Through MYC4, I can participate in building a sustainable Africa where it is the Africans themselves who serve as the engine for this. The idea that it is the private initiative, without help from government supported institutions, and that I can be part of an ambitious and long-term project to improve the living standards in Africa aroused my interest.
In contrast to the numerous donations given every year to aid, in the traditional way, here is a project that puts real demand on the recipients of contributions – a necessary requirement, which means that society grows and Africans learn to reflect independently.
The road to hell is often paved with good intentions, and no matter how controversial it may sound, I am of the opinion that aid which simply provides food on the table for a short time, maintains Africa at a stage where they always will depend on the West. “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime”. This saying illustrates, in fact, my enthusiasm for MYC4 to the fullest.
If you could tell the readers on the blog about one single aspect in relation to MYC4, critical or positive, what would you highlight?
To me MYC4 is pure idealism. Although we have not yet seen the long-term impact of microloans, it indeed has much potential to it and if the full effect is achieved, this might likely be a small step towards something bigger.
What is the best (and worst) thing about MYC4?
Although MYC4 has increased the transparency, it may still discourage potential lenders that Africans have full disposal of your money. Many questions and hypothetical situations may arise and it may deter people from investing the amount that they had intended. Similarly, transparency can also be increased after you have provided the loan so that it accurately illustrates how much you have earned in return, exchange rate fluctuations, etc.
The positive aspect is that every citizen is given an opportunity to provide a unique support to Africa. The underlying idea and purpose with MYC4 is indeed something that I support.
One challenge for MYC4 is also to promote at a much larger scale so that the common citizen would have a better understanding as to the underlying idea behind MYC4, and hereby make it more well-known to provide microloans.
If you should present MYC4 to someone who had never heard about us before, what would you emphasize?
As mentioned previously: “Give a man a fish and you feed him for a day. Teach a man to fish and you feed him for a lifetime.” Hopefully, this is the beginning of a general reconsideration of the question of how we in the best possibly way can provide help to Africa. All countries have been through crises, yet none of them have survived these without taking an initiative.
What do you consider as competitors/alternatives to MYC4?
In Denmark, just to mention one example, a fundraising for Africa takes place each year. This year alone more than 10 million Euro was donated; this money will be managed by various aid agencies and used to build schools, provide people with food and so forth. But what will the Africans have achieved when the money runs out? Will they be ready to support themselves? Imagine if a fraction of the annual millions could be lent through MYC4 in revolving funds. A challenge for MYC4 could thus be to target these fundraisings and channel some of the many millions in revolving funds to microloans.
What do you think MYC4 will look like in the future?
I think MYC4 will serve as a great marketplace for microloans, not only in East Africa, but also in other places in the world where it is needed. The demand to lend money will increase as the system is recommended in the population, and many businesses and investment funds will see the possibility of placing their money in microloans, while simultaneously building a strong social profile.
Do you have any ideas/ improvements for MYC4 that you would like to share with the readers and us?
I think MYC4 would benefit from working together with strong social profiles that will support and act as ambassadors. For people who don’t know much about MYC4, it can quickly discourage them that your money is being lent to people in a continent that is known for having a high degree of corruption. MYC4 must therefore ensure to communicate the safety of the system so as to encourage various investors and investment funds to use MYC4 as an investment vehicle in order to increase the living standards for the people in Africa.
Thank you to Payam for his inputs and opinions. And remember, I’m still only a click away if you want your story told: karl@myc4.com.
