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. 

Kiva's new risk rating system, which now includes half stars, has enabled us to display ACSI's risk rating with a higher level of granularity. As a result, ACSI's risk rating will now be displayed as 3.5 stars instead of 4 stars. 

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.

ACSI has been informed of the change in the display of their rating on Kiva's website.

In July 2003 CHF piloted the first microfinance program in Iraq, Access to Credit Services Initiative (ACSI) to address the demand for credit from micro and small businesses and home owners. Since that time it has grown into the largest MFI in the country, covering over more than 65% of Iraq’s geographical area (as of December 2011).

ACSI’s mission is to contribute to the overall economic revitalization of Iraq by helping male and female business owners and home owners to strengthen and expand their businesses, stabilize their income, and improve their habitat & quality of life; which is consistent with CHF International’s mission to improve the housing and economic circumstances, and environments of low and moderate income communities around the world.

ACSI's main objectives:

• Increase access to financial services for the working poor.
• Stimulate and promote micro and small business development and improved living conditions.
• Achieve and maintain financial sustainability to ensure that the program continues to serve the financial needs of the working poor.
• Develop a transparent, and efficient credit process
• Build customer loyalty by providing good customer service and developing products that meet demand
• Maintain a high repayment rate and portfolio quality to ensure program success and financial sustainability
• Build local community support for ACSI’s services
• Develop local staff capacity to carry out ACSI activities.

The large demand for ACSI services also demonstrates that Iraqis continue to seek opportunities to invest in their future.

Please join ACSI's lending team to receive updates on the organization.