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 - June 26, 2023

Kiva and SEF International agreed to end their partnership in 2020 and SEF has now repaid its outstanding balance to Kiva in full. All funds have been distributed to lenders.


July 2020 - COVID-19 Update:

Kiva and SEF International have agreed to end their partnership after 10 years together and more than $13 million in loans raised over those years. We thank SEF for the years of collaboration and wish them success in their future endeavors.

Kiva has been in contact with SEF to understand how we can best support their business and borrowers during the ever-evolving COVID-19 pandemic. We continue to prioritize the safety and well-being of all staff, borrowers and their families as this global pandemic continues.

While country-specific responses to the crisis vary, most governments have imposed curfews, travel restrictions and nation-wide shutdowns. This has caused many economies and businesses to grind to a halt. SEF International’s borrowers are experiencing difficulty making loan repayments due to the aforementioned restrictions or fallout effects of the virus. As an impact-first funder, Kiva is committed to serving our Lending Partners and has worked alongside a group of other investors to provide a payment moratorium to SEF International until March 31, 2021. 

As a result, lenders will see a delay in repayments. We are sympathetic towards temporary increases in repayment delays and delinquency in order to help Lending Partners and borrower communities recover.

On behalf of Kiva and SEF, we’re grateful for your continued support and understanding over the years and through this difficult time.

Partner Description:

SEF International extends financial services to Armenian entrepreneurs to fund their small businesses and improve their lives. Through its partnership with Kiva, the organization is able to create sustainable jobs and build brighter futures for families and children.

SEF International is a microfinance subsidiary of World Vision International. Since 2009, it has been overseen by VisionFund, and regulated by the Central Bank of Republic of Armenia since 2003.

Currently, SEF operates through branch offices in two branches at Yerevan, Gyumri, Sisian, Goris, Talin, Armavir, Artashat, Kapan ,Ijevan, Vanadzor, Masis, Ejmiatsin, Stepanavan, Yeghegnadzor and Meghri. The majority of SEF clients are located in Armenia’s poorest rural communities. Accordingly, the organization offers a variety of loan products for farmers, urban businesses, start up and non-formal businesses and consumers focused on improving quality of life for children.

Performance Goals

As a socially-responsible organization, SEF has established a set of operating goals, social performance requirements, sustainability targets and risk restrictions.

From a social impact perspective, SEF has delivered visible results since its founding. In total, it has extended more than $74 million in loans to more than 74,000 clients. It has also created and sustained over 64,000 jobs and positively impacted 109,000 children.

As both a large network and microfinance institution, SEF is guided by two sets of targets: financial sustainability and social performance. However, as a lending institution, it is limited by a number of risk factors. Its performance is a product of three factors:

1) Social performance: SEF has set the following targets to fulfill its social performance commitments:

- % of female clients: 51%

- Geographic reach to World Vision Area Development Programs: 77%

- # of children impacted: No less than the number of loans made

- Average loan size: Below US$1,100 to continue targeting low-income populations

2) Financial sustainability

3) Risk Factors: In its operations, SEF encounters a number of risks, including critical operational risks, market risks and credit risks.

Other Social Activities

SEF International UCO | LTD in conjunction with "CANDLE" launched charity program, which is made ​​with the Internet site The most important mission of the program is to make education accessible to everyone. With the help of SEF, Armenian videos which are made based on English video versions are currently available to everyone (  Thanks to these educational videos simple and educational materials are accessible to everyone.

Team and Honors

SEF’s team includes more than 225 experienced professionals. Its management continuously promotes and contributes to the development of its employees.

For achievements in performance, processes and culture, SEF received two merit awards from CGAP for financial transparency. For completing MIX’s social performance desk review process and successfully meeting all 2013 S.T.A.R. requirements, SEF received the S.T.A.R award in November, 2013.


Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva May 25, 2010 Oct 12, 2005
Total Loans $13,517,425 $1,959,307,040
Amount of raised Inactive loans $0 $222,235
Number of raised Inactive loans 0 190
Amount of Paying Back Loans $0 $161,570,650
Number of Paying Back Loans 0 189,208
Amount of Ended Loans $13,517,425 $1,768,476,020
Number of Ended Loans 7,938 2,370,357
Delinquency Rate 0.00% 12.09%
Amount in Arrears $0 $12,154,807
Outstanding Portfolio $0 $100,506,286
Number of Loans Delinquent 0 72,423
Default Rate 0.40% 1.83%
Amount of Ended Loans Defaulted $54,539 $32,355,409
Number of Ended Loans Defaulted 66 84,925
Currency Exchange Loss Rate 0.15% 0.50%
Amount of Currency Exchange Loss $20,881 $12,005,888
Refund Rate 0.14% 0.54%
Amount of Refunded Loans $18,450 $10,526,300
Number of Refunded Loans 11 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 63.88% 78.24%
Average Loan Size $1,703 $392
Average Individual Loan Size $1,703 $589
Average Group Loan Size $0 $1,892
Average number of borrowers per group 0 8.3
Average GDP per capita (PPP) in local country $6,300 $5,600
Average Loan Size / GDP per capita (PPP) 27.03% 7.00%
Average Time to Fund a Loan 16.71 days 8.93 days
Average Dollars Raised Per Day Per Loan $101.89 $43.86
  Average Loan Term 29.08 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 7,443 1,178,731
  Journaling Rate 87.01% 42.24%
  Average Number of Comments Per Journal 0.00 0.02
  Average Number of Recommendations Per Journal 0.00 0.57

Borrowing Cost Comparison (based on 2016 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 26% 23.00% PY 27.02% PY
  Profitability (return on assets) -2.99% 3.1% -3.10%
  Average Loan Size (% of per capita income) N/A 35.00% 0.00%

Country Fast Facts

Lending Partner Staff

Irina Ohanyan
Levon Rapyan
Levon Yeghiazaryan