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

Salone Microfinance Trust (SMT) operates in Sierra Leone, one of the countries in West Africa currently experiencing an Ebola outbreak. This epidemic is the largest in history, claiming thousands of lives and having a deep impact on the national economy. SMT has temporarily stopped funding on Kiva as they respond to this crisis. Learn more about the epidemic here.
 
Kiva has allowed SMT a 4-month grace period for repayments until the end of 2014, at which time we will reevaluate the situation. The Kiva team is in regular communication with SMT and will provide an update when they resume funding on Kiva.


Salone Microfinance Trust (SMT) is an independently run microfinance institution, founded by ChildFund International in Sierra Leone, an affiliate of the international humanitarian aid organization ChildFund International. SMT’s approach of concentrating in ChildFund program communities helps ensure that it reaches vulnerable populations and integrates micro-enterprise development with more traditional ChildFund programs whose focus is the well-being of vulnerable families.
Over the last three years, SMT has become a major participant in the active and progressive microcredit sector in Sierra Leone.

Vision: SMT’s vision is “To be a financially self-sufficient institution, with an outreach that is broad, deep and having a significant impact on the lives of the economically active poor and their families to which it serves”.
SMT's website is http://www.salonemicrofinancetrust.org, and the organization can be contacted via email at reginasulla2000@yahoo.co.uk

  • Support micro-entrepreneurs to strengthen and expand their businesses
  • Assist individuals to create their own livelihoods
  • Help micro-entrepreneurs build their capacity to manage businesses
  • Help create employment in rural areas
  • Recruit and retain committed, honest and qualified staff, who recognize the value of clients needs
  • Increase target areas independence from humanitarian assistance
A Note on SMT’s Portfolio Yield:
 
We care deeply about the cost that Kiva borrowers pay for their loans, which is why fair pricing is a core part of our initial due diligence process for Field Partners. With Kiva's 0% capital, many of our Field Partners are also able to add additional value to their loans by reducing interest rates, offering non-financial services or creating new loan products.
 
For partners with reported portfolio yields or average APRs higher than 50%, Kiva takes steps to check that the high rates are justified by the impact of the loans. Kiva also verifies that the partner is not generating unreasonable profits or paying inflated salaries, and that the partner’s elevated operating costs are justified by its operating environment and/or the design of its loan products.
 
We seek to support loans that don’t impose an unjustifiable cost burden on hardworking borrowers. We nevertheless recognize that in order to reach vulnerable and excluded people with high-impact products and services, some of our partners incur high costs that necessitate charging higher-than-average costs to borrowers in order to allow for sustainability and scale.
 
Factors that drive up the costs that this partner organization charges its borrowers include:
  • They operate in a market with high inflation—averaging 13% from 2011-2013, which means that the rates you see on Kiva are overstated, since loans are given in local currency, which lost value much more quickly than the U.S. dollar.
  • They provide very small loans. This leads to higher operating costs, since providing each individual loan presents a minimum per-unit cost.
  • They work in areas with very poor infrastructure, such as limited roads. This increases the costs of finding clients and maintaining branch offices.
  • They operate in an area with a limited or poorly functioning banking system. This makes it difficult to access funding locally, and makes it more challenging to send and receive payments on loans from outside the country.
  • They’re based in an area with a high cost of living and doing business. This is often due to the high demand and low supply of adequate housing and goods.
  • They operate in a market where microfinance is highly underdeveloped. This means that finding, training and maintaining qualified staff is more expensive and difficult than in more-developed markets.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva May 21, 2007 Oct 12, 2005
Total Loans $4,083,575 $606,407,725
Amount of raised Inactive loans $0 $559,850
Number of raised Inactive loans 0 466
Amount of Paying Back Loans $364,175 $121,065,525
Number of Paying Back Loans 295 130,494
Amount of Ended Loans $3,719,400 $484,782,350
Number of Ended Loans 4,161 612,887
Delinquency Rate 6.94% 4.02%
Amount in Arrears $10,865 $3,183,786
Outstanding Portfolio $156,511 $79,289,167
Number of loanDelinquent 110 13,773
Default Rate 0.23% 1.11%
Amount of Ended Loans Defaulted $8,627 $5,357,098
Amount of Ended Loans $3,719,400 $484,782,350
Number of Ended Loans Defaulted 57 16,819
Currency Exchange Loss Rate 0.00% 0.09%
Amount of Currency Exchange Loss $0 $572,888
Refund Rate 0.39% 0.75%
Amount of Refunded Loans $15,750 $4,553,925
Number of Refunded Loans 19 5,085

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 62.60% 74.22%
Average Loan Size $239 $419
Average Individual Loan Size $548 $656
Average Group Loan Size $1,032 $1,831
Average number of borrowers per group 4.7 8
Average GDP per capita (PPP) in local country $903 $3,423
Average Loan Size / GDP per capita (PPP) 26.46% 12.23%
Average Time to Fund a Loan 4.1 days 5.71 days
Average Dollars Raised Per Day Per Loan $58.25 $73.39
  Average Loan Term 9.11 months 10.41 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,025 302,337
  Journaling Rate 43.77% 42.36%
  Average Number of Comments Per Journal 0.21 0.08
  Average Number of Recommendations Per Journal 6.07 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 63% PY 47.00% PY 33.29% PY
  Profitability (return on assets) 11.9% -9.5% -1.37%
  Average Loan Size (% of per capita income) 40.20% 28.00% 38.28%

Country Fast Facts

Field Partner Staff

Alusine Bah
Kadiatu Bah
Mosses Y. Bangura
Zainab Bangura
Daniel B. Banya
Abibatu A. Conteh
Alieu Conteh
Alpha Conteh
Edna B. Conteh
Elizabeth E. Conteh
Mary V. Conteh
Mary Y. Conteh
Safiatu Conteh
Sylvia Umu Conteh
Ibrahim O. Jalloh
Ibrahim Oumarr Jalloh
Yeankain A. Kamara
Celia Kanu
Mabinty J. Kanu
Betty Khoury
Marian Kobie
Gibrill Koroma
Masso Koroma
Fayia Kpakaa
Albert M'bayo
Fatmata Mansaray
Bockarie D.S Marah
Jonathan Marah
Harold M. Massaquoi
Lloyd McCormick
Mohamed Munu
Morie Mustapha
Simeon S. Mustapha
Edward A Ndoinjeh
Vincent A Ndoinjeh
Maladoh Sawaneh
Bernedette Sesay
Nancy Sesay
Ahmed B. Shaw
Archibald David Shodeke
Mohamed L. Tarawalie
Ibrahim Garanke Tunkara
Joseph A Turay
Melvina N. Turay
Rosaline S. Turay
Sarah Nbonga Turay
Alieu Vandy