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

July 2020 - COVID-19 Update:

Kiva has been in contact with Credo 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. 

As a result, Credo has allowed some of its borrowers to temporarily postpone loan repayments due to the aforementioned restrictions or fallout effects of the virus. Because of this, it is possible that lenders will see a delay in repayments over the coming months. As an impact-first funder, Kiva is committed to serving our Field Partners as in past crises. We are sympathetic towards temporary increases in repayment delays and delinquency in order to help Field Partners and borrower communities recover. 

Kiva is working closely with Credo to support them and their borrowers through the COVID-19 crisis. Credo is sending regular updates to Kiva, and we'll update Partner Pages as we learn more. 

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

Partner description:

Credo is a leading microfinance organization in Georgia. Its mission is to provide sustainable financial services to micro, small and medium businesses, with a preference for rural activities and those businesses that create income and employment opportunities for the poor. Credo serves more than 206,000 active customers, offering a wide range of products including loans for development of agriculture, urban and tourism businesses as well as crop insurance and household loans.

For more than 15 years, Credo has been successfully operating in the microfinance sector to support the poor in an effort to increase household incomes and reduce their vulnerability, enabling them to build a meaningful, sustainable and self-determined livelihood. Credo, through its rural focus and 61 branches all over Georgia, contributes to increasing financial inclusion in Georgia’s agricultural regions, which have traditionally been neglected by the local banking system. Credo’s financing activities foster entrepreneurship and job creation (on average creating more than 13,000 jobs per year), contribute to increased incomes for clients and their families (with 45,760 children impacted) and empower women (46% of Credos clients are women entrepreneurs).

Collaboration with Kiva is an important aspect on the road to fulfilling its mission. A joint project provides start-up loans to rural residents in Georgia to begin or restart small agricultural businesses. The start-up program also offers urban and tourism loans to improve the quality of life in Georgia’s poorest communities.

Credo’s impact: 

Credo stands out in the Georgian microfinance sector because of its innovative, high quality products and its unique delivery mechanism focused on clients’ well being. Credo’s chief objectives are to protect customers, participate in community development and expand environmental protection. 

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Additionally, the organization is focused on achieving strong, measurable social performance goals, and has dedicated significant time and resources to measuring its impact on clients’ livelihoods to continually improve its services. It strives to offer flexible, convenient, transparent products and services to best meet the needs of its clients. 

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 23, 2011 Oct 12, 2005
Total Loans $10,991,025 $1,606,198,795
Amount of raised Inactive loans $0 $349,375
Number of raised Inactive loans 0 395
Amount of Paying Back Loans $1,090,425 $163,772,125
Number of Paying Back Loans 892 200,162
Amount of Ended Loans $9,900,600 $1,442,077,295
Number of Ended Loans 7,869 1,906,880
Delinquency Rate 4.64% 16.24%
Amount in Arrears $32,184 $16,550,633
Outstanding Portfolio $668,135 $101,936,172
Number of Loans Delinquent 199 49,658
Default Rate 0.08% 1.71%
Amount of Ended Loans Defaulted $7,706 $24,614,777
Number of Ended Loans Defaulted 10 61,388
Currency Exchange Loss Rate 0.99% 0.40%
Amount of Currency Exchange Loss $114,196 $7,011,572
Refund Rate 0.12% 0.59%
Amount of Refunded Loans $13,350 $9,477,100
Number of Refunded Loans 5 8,839

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 55.33% 77.44%
Average Loan Size $1,255 $392
Average Individual Loan Size $1,255 $600
Average Group Loan Size $0 $1,806
Average number of borrowers per group 0 8
Average GDP per capita (PPP) in local country $6,100 $5,675
Average Loan Size / GDP per capita (PPP) 20.58% 6.91%
Average Time to Fund a Loan 10.52 days 8.07 days
Average Dollars Raised Per Day Per Loan $119.35 $48.58
  Average Loan Term 20.56 months 11.36 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 2,869 978,070
  Journaling Rate 34.85% 42.28%
  Average Number of Comments Per Journal 0.01 0.03
  Average Number of Recommendations Per Journal 0.00 0.67

Borrowing Cost Comparison (based on 2017 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 30% PY 37.00% PY 26.56% PY
  Profitability (return on assets) 2.13% 5.1% -0.53%
  Average Loan Size (% of per capita income) 26.70% 64.00% 11.35%

Country Fast Facts

Field Partner Staff

Pikria Goginashvili
Nino Kapanadze
Katerina McNulty
Salome Otiashvili
Nino Svianadze