Status Update – January 8th, 2014

Kiva and Vittana have agreed to end their partnership after more than 2 years and $250,000 in loans raised. Despite much hard work and testing, Vittana concluded they could not find a scalable business model that did not require donations, so is winding down as a standalone organization.


Many of Vittana’s microfinance partners have joined as Kiva Lending Partners and will continue to offer low-cost loans to students around the world.


Vittana has repaid its outstanding balance to Kiva in full, and these funds have been distributed to lenders. We thank Vittana for the years of collaboration and passion for education

Status Update – September 9, 2014

Vittana is in the process of winding down its organizational operations in their current form. Due to this decision, Vittana's direct partnership with Kiva has been paused. We are in conversations with Vittana about the repayment of their outstanding debt of about $125,000. This balance will be paid down through Vittana and their partner organizations that service the student loans over the course of the next two years, if not sooner.
Over the last five years, Vittana has helped introduce student loan programs that have reached 20,000 students, creating new opportunities for students and helping prove that students are worthwhile investments in many markets where student loans are rare. One of Vittana's founding beliefs was to reach scale and sustainability, and not be donor funded forever. After five years and a few different approaches, Vittana has not found a robust business model to be able to survive without philanthropic capital. There is still need for the further development of student lending, so Vittana is working to find a home for its programmatic work. 

Partner Description:

Vittana is a nonprofit that aims to provide access to education for millions of young people struggling to overcome poverty around the world. Since its launch in 2009, it has provided loans to more than 6,000 students in 12 countries. Vittana and its community are committed to graduating a generation beyond poverty.

Today, there are more than 100 million students worldwide who are unable to obtain training certificates or college degrees due to insufficient funds. With a Vittana loan, a girl selling tamales can become a 3rd grade teacher, an errand boy can become a dentist, a farm girl can become a biologist -- and they can all permanently break the cycle of poverty. On average, the impact is a three-fold increase in income. With a Vittana microloan, young people can go from living on $3 a day to $9 a day or more. Students pay back these loans after they graduate and find sustainable employment. So far, Vittana students have a 99.8% repayment rate.

Vittana pioneered a $750 student microloan in developing countries that combines the transformative power of education with microfinance’s massive reach. The organization provides expertise and hands-on training to microfinance institutions (MFIs) to design loan products that meet students’ needs in each region. Capital to fund Vittana loans comes from its crowdfunding website, investment funds and strategic partnerships. The organization then collects data about the students it supports to track impact, expand programs, continue innovating and demonstrate a market effect.

Vittana’s partnership with Kiva gives Kiva lenders even more opportunities to help students afford higher education or vocational training and reach their dreams.


Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva Nov 29, 2012 Oct 12, 2005
Total Loans $258,025 $1,958,454,115
Amount of raised Inactive loans $0 $196,930
Number of raised Inactive loans 0 171
Amount of Paying Back Loans $0 $161,031,645
Number of Paying Back Loans 0 188,514
Amount of Ended Loans $258,025 $1,768,236,180
Number of Ended Loans 258 2,370,020
Delinquency Rate 0.00% 12.22%
Amount in Arrears $0 $12,205,675
Outstanding Portfolio $0 $99,884,553
Number of Loans Delinquent 0 72,810
Default Rate 0.00% 1.83%
Amount of Ended Loans Defaulted $0 $32,298,216
Number of Ended Loans Defaulted 0 84,743
Currency Exchange Loss Rate 0.00% 0.50%
Amount of Currency Exchange Loss $0 $11,931,838
Refund Rate 0.00% 0.54%
Amount of Refunded Loans $0 $10,526,300
Number of Refunded Loans 0 9,596

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 55.73% 78.22%
Average Loan Size $1,000 $392
Average Individual Loan Size $1,000 $589
Average Group Loan Size $0 $1,891
Average number of borrowers per group 0 8.3
Average GDP per capita (PPP) in local country $5,500 $5,599
Average Loan Size / GDP per capita (PPP) 18.18% 7.00%
Average Time to Fund a Loan 6.17 days 8.93 days
Average Dollars Raised Per Day Per Loan $162.08 $43.87
  Average Loan Term 23.81 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 0 1,178,576
  Journaling Rate 0.00% 42.26%
  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 2009 data)

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

Country Fast Facts

Lending Partner Staff