KivaIMON International
Tajikistan
September 11, 2011
As part of an ongoing effort to fully migrate risk ratings to our new and enhanced risk rating system, Kiva has conducted a re-assessment of the level of risk posed by this institution.
During this re-assessment, our analysts were able to gather updated operational and financial information about the institution, as well as speak with key members of the staff.
The information gathered during this process, together with the Kiva's new risk rating system and half-star support, has led us to revise IMON's risk rating from 5 to 4 stars. The analysts have found that IMON's risk variables, reviewed in the new risk rating model, were most representative of a 4-Star rating.
We have prepared a blog post with more information on Kiva's new and enhanced risk rating system, along with a chart showing the relative magnitude of the overall changes for Kiva's portfolio. To view that, please go here: http://www.kiva.org/updates/kiva/2011/09/07/kiva-risk-ratings-now-with-half-stars.html.
IMON has been informed of our analysts’ findings and their corresponding change in rating.
IMON International's mission is to promote sustainable economic development and improved quality of life in Tajikistan by insuring reliable access to financial services for the economically active members of the population. They are working to accomplish this by:
• Providing entrepreneurs with access to high quality financial products and services such as business loans, agro loans, consumer loans, and micro leases;
• Attracting high quality employees and promoting their professional development;
• Maintaining a sustainable and self-sufficient microfinance institution.
IMON International has 13 branch offices throughout Tajikistan and their entrepreneurs work in many parts of the country's economic sector including trade, manufacturing, agriculture, and services. As of January 2012, IMON International had 44,626 active clients and a total portfolio of $47,178,573. Approximately 39% of these clients are women, 69% are from rural areas, and 34% are living under the poverty line. In addition, IMON International's portfolio accounts for 36% of all the microfinance clients in Tajikistan, according to AMFOT (the Association of Microfinance Organizations in Tajikistan).
Tajikistan
Tajikistan is perhaps best known for its rich history and diverse culture, which is a mix of the Islamic faith, Soviet influence, and Central Asian traditions. It served as a key post along the Silk Road and marked the end of Alexander the Great's extensive rule. It was the birthplace of the great Persian poet Rudaki and famous Islamic philosopher Ibn Sina. And it is home to epic mountain passes, communities that still speak the ancient Sogdian language, and a civilization that dates back to the 4th millennium BC.
But, Tajikistan is also the poorest of the former Soviet republics. The civil war, which ignited soon after its independence from the U.S.S.R., further damaged the already weak economy. In addition, 93% of the country is mountainous and only 7% of the land is arable. These conditions have resulted in high levels of unemployment and have forced hundreds of thousands to seek work in other countries, mainly Russia. While the people of Tajikistan are working to improve its agricultural production and manufacturing sector, nearly two-thirds of the population still live in abject poverty.
IMON's History
Since December 2007, IMON International has worked closely with Kiva and Kiva lenders to ensure that poor and low income clients represent a viable business proposition. Funds raised through Kiva have already been distributed to thousands of IMON International's clients and will continue to provide thousands more with permanent access to the varied financial services they need.
Repayment Performance on Kiva
Repayment Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Start Date On Kiva | Dec 24, 2007 | Oct 12, 2005 | |
|---|---|---|---|
| Total Loans | $6,544,750 | $280,866,475 | |
| Amount of Raised Inactive Loans | $0 | $8,475 | |
| Number Of Raised Inactive Loans | 0 | 16 | |
| Amount of Paying Back Loans | $1,922,050 | $76,717,975 | |
| Number Of Paying Back Loans | 1,188 | 92,492 | |
| Amount of Ended Loans | $4,622,700 | $204,140,025 | |
| Number Of Ended Loans | 4,149 | 280,128 | |
| Delinquency Rate | 0.08% | 2.44% | |
| Amount In Arrears | $1,169 | $1,253,784 | |
| Outstanding Portfolio | $1,386,288 | $51,303,862 | |
| Number of Loans Delinquent | 10 | 11,530 | |
| Default Rate | 0.03% | 1.12% | |
| Amount of Ended Loans Defaulted | $1,540 | $2,280,201 | |
| Amount of Ended Loans | $4,622,700 | $204,140,025 | |
| Number Of Ended Loans Defaulted | 3 | 6,779 | |
| Currency Exchange Loss Rate | 0.00% | 0.00% | |
| Amount of Currency Exchange Loss | $0 | $12,824 | |
| Refund Rate | 0.65% | 1.25% | |
| Amount of Refunded Loans | $42,725 | $3,520,925 | |
| Number Of Refunded Loans | 44 | 4,156 |
Loan Characteristics On Kiva
Loan Characteristics On Kiva| This Field Partner | All Kiva Partners | ||
| Loans To Women Entrepreneurs | 41.16% | 74.89% | |
|---|---|---|---|
| Average Loan Size | $1,224 | $389 | |
| Average Individual Loan Size | $1,224 | $618 | |
| Average Group Loan Size | $3,000 | $1,631 | |
| Average Number Of Entrepreneurs Per Group | 2 | 8 | |
| Average GDP Per Capita (PPP) in Local Country | $1,388 | $3,403 | |
| Average Loan Size / GDP Per Capita (PPP) | 88.17% | 11.42% | |
| Average Time To Fund A Loan | 8.7 days | 3.96 days | |
| Average Dollars Raised Per Day Per Loan | $140.67 | $98.13 | |
| Average Loan Term | 10.54 months | 9.26 months |
Journaling Performance on Kiva
Journaling Performance on Kiva| This Field Partner | All Kiva Partners | ||
| Total Journals | 3,169 | 131,523 | |
|---|---|---|---|
| Journaling Rate | 73.95% | 39.37% | |
| Average Number Of Comments Per Journal | 0.12 | 0.16 | |
| Average Number Of Recommendations Per Journal | 3.39 | 4.21 |
Borrowing Cost Comparison (based on 2009 data)
Borrowing Cost Comparison (based on 2009 data)| This Field Partner | Median for MFI Peers in Country | All Kiva Partners | ||
| Average Interest Rate and Fees Borrowers Pay (Portfolio Yield) | 37.70% | 29.00% | 36.11% | |
|---|---|---|---|---|
| Average Partner Return On Assets (Average Profitability) | 6.8% | N/A | -1.45% | |
| Average Loan Size (% of Per Capita Income) | 155.57% | 82.90% | 43.69% |
Country Fast Facts
Country Fast Facts- Country:
- Tajikistan
- Capital:
- Dushanbe
- Official Language:
- Tajik, Russian widely used in government and business
- Population:
- 7,320,815
- Avg Annual Income:
- $1,388
- Labor Force:
- Agriculture: 67.2% Industry: 7.5% Services: 25.3%
- Population Below Poverty Line:
- 64%
- Literacy Rate:
- 99.4%
- Infant Mortality Rate (per 1000):
- 106.49 deaths
- Life Expectancy:
- 64.94 years
Field Partner Staff
Jahongir AbdulloevGulbahor Makhkamova
Muslima Muhiddinova
Chris Paci