Kiva conducts regular, ongoing monitoring of all Field Partners, but only posts status updates here in response to relevant, major changes at the partner.

WAGES (Women and Associations for Gain both Economic and Social) was founded as a project of Care International Togo with the initial goal of meeting the socioeconomic needs of 3,900 Lomé women over a period of three years, with one possible renewal. This goal was reached and exceeded in less than three years thanks to a committed staff. Having achieved these excellent results, WAGES grew into a full-fledged microfinance institution.

WAGES is now officially recognized by the Togolese government as a nonprofit microfinance institution. They work in urban, periurban and rural areas in Togo through a network of 13 branch offices and 5 service points located in three of Togo’s regions. They offer credit, savings, and non-financial services (support and training) to groups and individual clients.

Currently, WAGES helps entrepreneurs working in commerce, agriculture, skilled services, artisinal production, investment and more.

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Vision

WAGES aims to become a stable microfinance institution that will serve as a model for other Togolese organizations, and to actively participate in the socioeconomic development of its client base.

Most of WAGES’ clients are women. They include individuals, solidarity groups, credit associations, and corporations in urban, periurban and rural areas.

Service Offerings

The organization offers a range of financial services. These include short-term and voluntary savings products, as well as periodically accessible savings accounts. To encourage long-term savings, WAGES offers accounts that mature over a six month term, accounts with minimum deposits of $100, competitive interest rates, and flexible loan terms ranging from six months to five years. Its obligatory savings product enables them to borrow up to four times the amount they have deposited in urban areas and 10 times the amount in rural areas. Lastly, its tontine savings product requires daily deposits of up to 40 cents that add up over time.

WAGES’ loan offerings are similarly diverse. Here are some of the products it provides:

Ordinary loan: This loan is meant for clients with active savings accounts who are engaged in revenue-generating activity.

Direct loan: Meant for lowest-income borrowers, this loan is disbursed to clients organized into solidarity groups and requires no collateral.

Special loan: Made available to loyal WAGES clients, this short-term loan is offered on a 2-5 month repayment schedule.

Forced savings loan: A loan for which the borrower deposits 20% of the loan amount as collateral.

Tontine loan: This loan is available to clients who have regularly participated in Tontine savings during a 3-month period.

Rural loan:This loan is offered to individuals or groups of farmers and artisans living in rural areas and does not require savings.

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In addition to savings and credit products, WAGE offers its clients Western Union money transfer services, and direct deposit with automatic repayment. This allows salaried borrowers to have their paychecks deposited in their WAGES accounts with their loan repayments deducated automatically.

Like many other Kiva partners, WAGES offers non-financial services to help borrowers succeed. These include training programs in business administration, savings management, revenue management, marketing, accounting, basic literacy, AIDS and malaria awareness, advocacy and more.

Additionally, WAGES helps organize businesses into solidarity groups and strengthens them with legal and administrative advice.

Status Update - December 14, 2010

Women and Associations for Gain both Economic and Social (WAGES) has been a Kiva Field Partner for 33 months. During that time, WAGES' borrowers have paid back $1,146,125 in loans, while WAGES has maintained a 0% delinquency and default rate.

Kiva recently conducted on-site monitoring at WAGES in order to re-assess the level of risk posed by this institution, as part of an ongoing effort to fully migrate risk ratings to our new risk rating system. During this visit our analysts were able to gather updated operational and financial information about the institution, as well as meet with key members of the staff.

The information gathered during this visit, when reviewed in Kiva's new risk rating model, has led us to decrease WAGES's risk rating from 5 to 4 stars. The analysts found that WAGES's risk variables are most representative of a 4-Star rating. WAGES has been informed of our analysts' findings and their corresponding decline in rating.



Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Mar 7, 2008 Oct 12, 2005
Total Loans $4,286,625 $606,407,725
Amount of raised Inactive loans $0 $559,850
Number of raised Inactive loans 0 466
Amount of Paying Back Loans $323,000 $121,065,525
Number of Paying Back Loans 328 130,494
Amount of Ended Loans $3,963,625 $484,782,350
Number of Ended Loans 5,173 612,887
Delinquency Rate 16.57% 4.02%
Amount in Arrears $30,688 $3,183,786
Outstanding Portfolio $185,238 $79,289,167
Number of loanDelinquent 42 13,773
Default Rate 0.52% 1.11%
Amount of Ended Loans Defaulted $20,441 $5,357,098
Amount of Ended Loans $3,963,625 $484,782,350
Number of Ended Loans Defaulted 41 16,819
Currency Exchange Loss Rate 0.00% 0.09%
Amount of Currency Exchange Loss $200 $572,888
Refund Rate 1.38% 0.75%
Amount of Refunded Loans $59,225 $4,553,925
Number of Refunded Loans 79 5,085

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 70.59% 74.22%
Average Loan Size $656 $419
Average Individual Loan Size $752 $656
Average Group Loan Size $1,748 $1,831
Average number of borrowers per group 8 8
Average GDP per capita (PPP) in local country $1,700 $3,423
Average Loan Size / GDP per capita (PPP) 38.58% 12.23%
Average Time to Fund a Loan 7.84 days 5.71 days
Average Dollars Raised Per Day Per Loan $83.60 $73.39
  Average Loan Term 12.22 months 10.41 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,910 302,337
  Journaling Rate 51.79% 42.36%
  Average Number of Comments Per Journal 0.04 0.08
  Average Number of Recommendations Per Journal 2.57 1.83

Borrowing Cost Comparison (based on 2012 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 19% PY 24.00% PY 33.29% PY
  Profitability (return on assets) 0.9% 3.1% -1.37%
  Average Loan Size (% of per capita income) 176.40% 188.00% 38.28%

Country Fast Facts

Field Partner Staff

Sory AKUETE
Nasser ASSANI-BENTHO
Mawuko K. Victor AZIAWO
Mensah DAKEVI
Laladom GNASSINGBE
woede carine HOFFER
Armand KOFFI
Ramanou NASSIROU
Abdella OURO-DJOBO
Elliot Pisso
Holly Sarkissian