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

Partner description:
Vision Finance Company, soon to be known as Vision Fund Rwanda (VFR), is the microfinance subsidiary of World Vision and is one of the largest microfinance institutions serving rural underprivileged communities in Rwanda, many of which do not have access to formal financial services. VFC started in 1997 as a microfinance department under World Vision Rwanda and has since grown to become one of the largest regulated microfinance institutions in Rwanda today.
VFC serves people and communities that are economically productive but low-income, especially in very rural areas. This includes small business owners and salary earners who are looking for opportunities to provide better lives for their families and a promising future for their children.
The average client of VFC is a woman, often widowed, looking after a family of 5-7, some of whom are orphans. She owns a small business, usually a market stall in a market or a roadside kiosk. She believes she can grow her business to support her family, sending her children to school and to providing for their health and welfare.
A unique lending approach:
VFC services communities with 3 main types of loans: community banks, solidarity groups and individual loans. Community banks create an opportunity for the poorest entrepreneurs to obtain credit. These are self-selected groups of 10 - 30 borrowers who agree to cross-guarantee each other’s loans. The group screens potential borrowers and tracks each repayment, building their leadership and sense of pride along the way.
Solidarity groups are designed for more experienced entrepreneurs with slightly larger enterprises. They have fewer members than community banks, with an average of 5 members who guarantee each other’s loans. Members who make repayments on time become eligible for larger individual loans.
Individual loans go to borrowers who have either grown their businesses successfully through a solidarity group or who have medium-sized businesses that qualify for these larger loans.  The individual loans typically require either 2 guarantors or collateral. Borrowers often create a multi-year business plan in consultation with their loan officer.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva May 24, 2008 Oct 12, 2005
Total Loans $2,902,475 $732,476,000
Amount of raised Inactive loans $0 $304,125
Number of raised Inactive loans 0 233
Amount of Paying Back Loans $18,475 $134,963,950
Number of Paying Back Loans 10 155,639
Amount of Ended Loans $2,884,000 $597,207,925
Number of Ended Loans 2,940 740,541
Delinquency Rate 0.00% 9.58%
Amount in Arrears $0 $8,434,390
Outstanding Portfolio $17,334 $88,073,315
Number of Loans Delinquent 0 31,138
Default Rate 1.69% 1.17%
Amount of Ended Loans Defaulted $48,884 $6,983,576
Amount of Ended Loans $2,884,000 $597,207,925
Number of Ended Loans Defaulted 158 20,011
Currency Exchange Loss Rate 0.00% 0.29%
Amount of Currency Exchange Loss $124 $2,153,504
Refund Rate 1.10% 0.67%
Amount of Refunded Loans $31,950 $4,933,250
Number of Refunded Loans 28 5,439

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 58.43% 74.47%
Average Loan Size $464 $416
Average Individual Loan Size $837 $652
Average Group Loan Size $1,567 $1,849
Average number of borrowers per group 6.5 8
Average GDP per capita (PPP) in local country $1,700 $5,942
Average Loan Size / GDP per capita (PPP) 27.27% 7.00%
Average Time to Fund a Loan 4.33 days 6.47 days
Average Dollars Raised Per Day Per Loan $107.20 $64.26
  Average Loan Term 8.13 months 10.8 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,121 361,037
  Journaling Rate 61.36% 41.47%
  Average Number of Comments Per Journal 0.08 0.06
  Average Number of Recommendations Per Journal 0.98 1.53

Borrowing Cost Comparison (based on 2013 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 41% PY 31.00% PY 31.73% PY
  Profitability (return on assets) -29.1% -3.2% -0.77%
  Average Loan Size (% of per capita income) 99.70% 81.00% 19.33%

Country Fast Facts

Field Partner Staff

Bright Batamuriza
Grace Dushimimana
Solange Kamikazi
Fiona Luyiga