MYC4 chose Uganda as its first country of operations. The country is relatively small in African standards and is landlocked. Major challenges for Uganda include a volatile and highly informal economy, underdeveloped financial markets, and dependency on neighboring states, especially Kenya. Despite the problems, Ugandans enjoy relatively inclusive and high quality education and health services, and the country has great natural resources fueling tourism.
Uganda was ideal for MYC4 start because MYC4 had a number of existing contacts via co-founder Mads Kjær's network from previous engagements, and the challenges Uganda faces resemble those of other Africans nations.
The Ugandan Shilling (UGX) has taken an unfortunate lead amongst the East African shilling currencies, in terms of depreciation against the Euro. Over the past three years, the Ugandan Shilling has on average depreciated by 10% per annum, and 2011 has, so far, not indicated a turn for the better. Uganda applies a 15% withholding tax on interests earned, which is applied to Investor and MYC4 earnings.