- Are we ever getting our investments back?
Answer: Crowdyvest is working to expedite and ensure that all monies due to members are paid. Yes, members will get their money.
2. Why should I still trust you?
Answer: Because Crowdyvest is in this for the long haul. Our business has experienced a challenge, which is not uncommon to any business venture. But we are determined to overcome this huddle; we have reached out to experienced hands to guide us through this phase; we are talking to investors who can inject more funds into the system. Trust us because we are fighters and we are determined not to let our members down.
3. When are you going to pay all outstanding payments? What is the interest rate you are paying on overdue payments?
Answer: At the moment, our primary focus is on ensuring that members’ receive their capital. Payment selection criteria and schedule will be sent via email to all members once inflow is received from partners and investors.
4. Any guarantees that delays being experienced will be a thing of the past once current issues are resolved?
Answer: Based on this experience, Crowdyvest has learnt a lot that has helped to spotlight some challenges with processes and models. We are certain that this will not be a recurring challenge.
5. What sector are your partners operating in? Also, you have not told us what caused the delays from your partners?
Answer: We have partners across different sectors: agriculture, transportation, telecommunication, manufacturing, real estate, etc. The cause of the delays from partners are varied: COVID-19 disruptions, delayed approvals from partners’ clients to move projects to the next phase, payment delays from our partners’ clients, etc.
6.Are all the partners companies/ institutions/ entities or are there individuals?
Answer: They are organisations.
7. Will there be transparency of expected payment dates/months for investors?
Answer: Independent consultants are working on the payment selection criteria which will be concluded once there is receipt of firm repayment plans from debtors or other inflows from investors are received. There will be no preferential treatment in payout selection and all members will be treated fairly. The criteria and schedule will be shared with members via email.
8. While we wait for our money to be returned to us, will that money be earning any interest?
Answer: No. Our immediate focus is to ensure that capital is paid to members.
9. Will everyone get the schedule because I got the invite to this meeting through a friend and not from Crowdyvest.
Answer: Yes, all members will receive the schedule via email. If you have not been receiving our emails, kindly send us an email via [email protected]
10. What is the progress status of the recovery?
Answer: Experienced debt recovery team and other consultants have been engaged to speed up the process. All defaulting partners have been sent demand notices: 60% have responded with payment plans which are being reviewed and negotiated as required; the remaining 40% are being followed up with to get either a response or to commence necessary legal processes.
11. Just to clarify, are the partners farmers?
Answer: Our partners cut across different sectors: agriculture, transportation, real estate, etc
12. Is the current situation going to affect other projects ?
Answer: We are working hard to ensure that this does not affect other projects.
13. Have you paid anyone since October?
Yes, we have. Payment delays started in November 2021.
14. What is the role of the SEC in this whole affair?
Answer: Last year, we applied for our licence. We have passed all the stages except the last one which is the interview stage. We are awaiting the update on the next steps. The ongoing issue has no correlation with our licence application.
15. I appreciate the fact that you may not be able to give specific dates for payment. Can you give an estimate based on payment plans you already have from partners? We understand it may not be guaranteed but it gives a time horizon of payment possibilities.
Answer: Unfortunately, we are unable to give an estimated timeline as we do not want to disappoint our members again. Payment will be based on receipt of funds from our partners. Once we receive this, payment will commence to all members using the selection criteria and schedule that will be sent.
16. I understand that the situation is dire. This is global. However, Crowdyvest investments are insured. What is the stance of your insurance companies and why have they not intervened or been called in?
Answer: Insurance can only kick in when projects go bad, in this case, what we are experiencing are delays with projects that are already executed by our partners and this has nothing to do with insurance.
Samson Oloto
Nosazemerie Abu
