CHF Vitas Iraq
Kiva conducts regular, ongoing monitoring of all Lending Partners, but only posts status updates here in response to relevant, major changes at the partner.
Status update — January 23, 2017
Kiva and CHF Vitas Iraq have agreed to end their partnership after nearly 7 years and more than $3.9 million in loans raised. This Lending Partner has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank CHF Vitas Iraq for the years of collaboration and wish them success in their future endeavors.
Status update — January 28, 2016
Kiva has moved this Lending Partner to inactive status. This means CHF Vitas Iraq is no longer fundraising loans on Kiva, though Kiva fully expects the partner to continue to send repayments owed to Kiva lenders for as long as the partner has an outstanding balance. CHF Vitas Iraq and Kiva came to this decision mutually, as CHF Vitas Iraq is directing most of its resources on the increasingly challenging operating environment in Iraq. As such, CHF Vitas Iraq has decided that now is not the appropriate time to focus on posting loans to Kiva. If and when this partner requests to fundraise again on Kiva, Kiva will first conduct any additional monitoring and due diligence tasks we believe necessary.
Partner description:
In July 2003 CHF International 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 homeowners. 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). In 2015, ACSI entered the CHF International’s global network of microfinance institutions, known as Vitas Group, to expand its direct lending capacity. It is now known as CHF Vitas Iraq.
CHF Vitas Iraq’s mission is to contribute to the overall economic revitalization of Iraq by helping male and female business owners and homeowners 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.
CHF Vitas Iraq’s main objectives:
- 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 CHF Vitas Iraq’s services
- Develop local staff capacity to carry out CHF Vitas Iraq activities.
The large demand for CHF Vitas Iraq services also demonstrates that Iraqis continue to seek opportunities to invest in their future.
Repayment Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Start Date On Kiva | Sep 29, 2010 | Oct 12, 2005 | |
---|---|---|---|
Total Loans | $3,988,325 | $2,056,238,590 | |
Amount of raised Inactive loans | $0 | $277,355 | |
Number of raised Inactive loans | 0 | 253 | |
Amount of Paying Back Loans | $0 | $158,100,775 | |
Number of Paying Back Loans | 0 | 187,973 | |
Amount of Ended Loans | $3,988,325 | $1,854,343,460 | |
Number of Ended Loans | 1,691 | 2,501,455 | |
Delinquency Rate | 0.00% | 12.27% | |
Amount in Arrears | $0 | $11,965,982 | |
Outstanding Portfolio | $0 | $97,560,700 | |
Number of Loans Delinquent | 0 | 63,552 | |
Default Rate | 0.16% | 1.84% | |
Amount of Ended Loans Defaulted | $6,375 | $34,038,827 | |
Number of Ended Loans Defaulted | 7 | 91,258 | |
Currency Exchange Loss Rate | 0.00% | 0.47% | |
Amount of Currency Exchange Loss | $0 | $12,742,203 | |
Refund Rate | 0.56% | 0.55% | |
Amount of Refunded Loans | $22,200 | $11,261,520 | |
Number of Refunded Loans | 9 | 9,866 |
Loan Characteristics On Kiva
This Lending Partner | All Kiva Partners | ||
Loans to Women Borrowers | 9.38% | 78.49% | |
---|---|---|---|
Average Loan Size | $2,359 | $393 | |
Average Individual Loan Size | $2,359 | $585 | |
Average Group Loan Size | $0 | $1,913 | |
Average number of borrowers per group | 0 | 8.3 | |
Average GDP per capita (PPP) in local country | $7,100 | $5,592 | |
Average Loan Size / GDP per capita (PPP) | 33.23% | 7.03% | |
Average Time to Fund a Loan | 17.58 days | 9.13 days | |
Average Dollars Raised Per Day Per Loan | $134.23 | $43.04 | |
Average Loan Term | 11.97 months | 11.5 months |
Journaling Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Total Journals | 38 | 1,224,773 | |
---|---|---|---|
Journaling Rate | 2.25% | 41.91% | |
Average Number of Comments Per Journal | 0.11 | 0.02 | |
Average Number of Recommendations Per Journal | 0.00 | 0.55 |
Borrowing Cost Comparison (based on 2013 data)
This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
Average Cost to Borrower | 28% PY | 27.00% PY | 26.61% PY | |
---|---|---|---|---|
Profitability (return on assets) | 3.9% | 16.7% | -1.37% | |
Average Loan Size (% of per capita income) | N/A | 26.00% | 0.00% |
Country Fast Facts
- Country:
- Iraq
- Capital:
- Baghdad
- Official Language:
- Arabic (official), Kurdish (official), Turkmen, and Assyrian
- Population:
- 32,585,692
- Avg Annual Income:
- $7,100
- Labor Force:
- agriculture: 21.6%, industry: 18.7%, services: 59.8%
- Population Below Poverty Line:
- 25.00%
- Literacy Rate:
- 78.50%
- Infant Mortality Rate (per 1000):
- 37.53 deaths
- Life Expectancy:
- 71.42 years