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Pascal

Update on Pascal

Pascal is 56 years old. He is married to a farmer, and he has been a rice farmer for 13 years.

He has requested this Kiva Loan to buy fertilizer, quality seeds, and support labor costs during maize production. With the profits from the harvest, he will be paying school fees for the children, and buy cattle for rearing.

The agriculture sector accounts for 37% of Rwanda's gross domestic product, generates 65% of Rwanda's export revenue, and employs approximately 90% of Rwandans (as of 2009). Despite the importance of agriculture to Rwandans and their economy, financial institutions view lending to fund agricultural activities as a high-risk proposition because the profitability of these activities is affected by weather, natural disasters, and price fluctuations. For this reason, farmers in Rwanda remain underserved by financial institutions. Urwego Opportunity Bank is expanding into this market and is happy to provide Kiva lenders with the opportunity to support Rwandan farmers.

Previous Loan Details

Pascal is married and has seven children aged between 11 and 30. He has been a rice farmer for the past 12 years. Pascal would like to get this Kiva loan to buy fertilizers and seeds and to support his labor costs in order to get the best harvest. He plans to use the profits to expand his farming... More from Pascal's previous loan »

Additional Information

More information about this loan


This loan is part of Urwego Opportunity Bank's program targeting farmers who are members of cooperatives. All borrowers benefiting from these loans receive financing, as well as seed and fertilizer from the Rwandan government. This Kiva loan will thus be used to provide borrowers with needed goods or services, as opposed to cash or financial credit. The loan is also covered by insurance in case of crop failure. 
 

Without flexible, risk-tolerant capital provided by lenders like you, Urwego Opportunity Bank would not be able to offer this type of loan. This is critical in Rwanda where 85% of the population is employed in agriculture, but many formal financial institutions consider the sector to be too risky to invest. By funding this loan, you are expanding opportunity to farmers with limited options.

About Urwego Opportunity Bank of Rwanda (UOB)

Urwego Opportunity Bank (UOB) is a Rwandan bank specializing in microfinance. It offers credit products to individuals and groups interested in starting or expanding their businesses. It also offers training in business development, financial literacy and health management. Given that approximately 90% of the Rwandan population is directly or indirectly related to the agricultural sector, Kiva lenders’ funds will be used to support UOB’s agricultural loan products, which are vital to the clients living in remote areas.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Rwanda

  • $1,700
    Average annual income
  • 34
    View loans »
    Rwanda Loans Fundraising
  • $14,314,275
    Funds lent in using Kiva
  • 630.4
    Rwanda Francs (RWF) = $1 USD

Success!! The loan was 100% repaid

A loan of $1,275 helped Pascal to buy fertilizer, seeds, and to pay for labor costs during maize production.
100% repaid
Repayment Term
10 months (Additional Information)
Repayment Schedule
At end of term
Pre-Disbursed:
Dec 24, 2012
Listed
Jan 7, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 17, 2013