Introducing MYC4, auctions for low-interest microcredit lenders

The website MYC4 may have found a good solution to the problem of high interest microcredit loans. MYC4 lets lenders compete in an online action for the right to give a loan to a small African business. The lender with the lowest interest rate wins the auction.

From CNN, reporter Max Foster interviews Tim Vang one of the founders of MYC4.