Kiva: Sad but also good news
Just almost 2 years ago we started loaning ‘microcredit’ through Kiva. It’s been a rewarding (for Emma and us) and interesting way to give back. And so far we’ve had the microloans we’ve made either paid back completely, or still in the loan term but making payments.
Today, I got some news that I had 50 dollars refunded…
As the Kiva email says:
Thank you for supporting small businesses in the developing world
through Kiva.org. Your $50.00 loan to Akello Penina, administered by
Kiva’s Field Partner, Women’s Initiative to Eradicate Poverty, in
Uganda has been refunded.
and another email…
Your $25.00 loan to Dorine Mukite, administered by
Kiva’s Field Partner, Women’s Initiative to Eradicate Poverty, in
Uganda has been refunded.
Why? because…
Kiva routinely audits each Field Partner to ensure your loan is being
dutifully administered to the entrepreneur you’ve selected. In the
course of auditing our Field Partner, Women’s Initiative to Eradicate
Poverty (WITEP) in Uganda, Kiva discovered that some entrepreneurs were
not receiving the full amount of their loans.This violates Kiva’s policies and we have terminated our relationship
with WITEP. All of the loans made to entrepreneurs served by this Field
Partner have been refunded.
Luckily the other 5 we have loans out to aren’t from the same field partner. But sad, I wonder if those two women now will have less funds? I am assuming the funds were loaned and won’t be required to be paid back, and came from the field partner directly, but still.. it’s a difficult situation.
The good news is that means Kiva is working hard at transparency and accountability. Makes me more likely to help through Kiva.
Emma and I will have to choose a couple other business women, I’ll post a profile when we do.
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I’m so glad I visit your blog. I’d never heard of Kiva, but after reading about it on your blog, I had to go and make some loans of my own. Thank you!!!
Great!!!
It is really a great organization and idea and growing fast.