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:

VisionFund Rwanda (VFR), formerly known as Vision Finance Company, 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. VFR 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.
 
VFR 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 VFR 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:
 
VFR 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 $4,656,150 $923,326,050
Amount of raised Inactive loans $0 $628,725
Number of raised Inactive loans 0 277
Amount of Paying Back Loans $849,525 $139,911,425
Number of Paying Back Loans 378 170,052
Amount of Ended Loans $3,806,625 $782,785,900
Number of Ended Loans 3,321 979,669
Delinquency Rate 5.70% 8.42%
Amount in Arrears $24,629 $7,615,831
Outstanding Portfolio $432,051 $90,466,478
Number of Loans Delinquent 55 21,444
Default Rate 1.28% 1.37%
Amount of Ended Loans Defaulted $48,884 $10,717,799
Number of Ended Loans Defaulted 158 30,602
Currency Exchange Loss Rate 0.00% 0.46%
Amount of Currency Exchange Loss $224 $4,210,313
Refund Rate 0.72% 0.63%
Amount of Refunded Loans $33,475 $5,840,725
Number of Refunded Loans 29 5,906

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 59.34% 75.10%
Average Loan Size $308 $403
Average Individual Loan Size $841 $635
Average Group Loan Size $2,057 $1,782
Average number of borrowers per group 10 7.8
Average GDP per capita (PPP) in local country $1,700 $5,908
Average Loan Size / GDP per capita (PPP) 18.10% 6.82%
Average Time to Fund a Loan 6.91 days 6.97 days
Average Dollars Raised Per Day Per Loan $44.56 $57.81
  Average Loan Term 8.08 months 11.1 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,412 479,420
  Journaling Rate 60.08% 41.60%
  Average Number of Comments Per Journal 0.08 0.05
  Average Number of Recommendations Per Journal 0.92 1.21

Borrowing Cost Comparison (based on 2014 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 40% PY 31.00% PY 26.15% PY
  Profitability (return on assets) -9% -3.2% -0.05%
  Average Loan Size (% of per capita income) 99.70% 81.00% 17.77%

Country Fast Facts

Field Partner Staff

Bright Batamuriza
Grace Dushimimana
Solange Kamikazi
Fiona Luyiga
Fiona Luyiga
Witness Muhongerwa
Ross Nathan
Pelagie Uwimana