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 - February 26, 2018
Kiva has decided to default all of COMIXMUL's loans and close the partnership. It is increasingly likely that COMIXMUL will be shut-down and liquidated by the Honduran banking regulator, a process that could take many years to complete. According to the regulator, COMIXMUL is insolvent, with insufficient assets to cover the deposits owed to its members nor the debt due to international lenders. In addition to the money laundering charges brought against employees, the regulator has accused COMIXMUL of a host of fraudulent activity and improper accounting practices. Kiva will continue to monitor the situation and should any funds be recovered, they will be passed along to affected lenders.  

Status update — December 8, 2017
Kiva continues to monitor the situation with COMIXMUL following the arrest of a number of employees in March 2017. Unfortunately the situation remains quite difficult for this organization, and we have yet to recover any of the amount owed to lenders to date. If the situation doesn't improve, we will likely take the decision to default their outstanding loans in 2018, but in the meantime, we continue to work with COMIXMUL and its stakeholders on the recovery of lender funds and will keep lenders updated when we have more information.

Status update — March 23, 2017
On March 9, 2017, 4 COMIXMUL employees, including the CEO, were arrested for alleged money laundering in 2012-2014. While COMIXMUL's partnership with Kiva remains paused, meaning the organization is not fundraising for new loans, COMIXMUL remains operational following this arrest and Kiva will continue to work with COMIXMUL to recover the outstanding balance due lenders.

Status update — August 29, 2016

Kiva is working together with other international funders of COMIXMUL to recover the outstanding balance due to lenders. COMIXMUL is still operating but faces liquidity issues. This negotiation process is ongoing, and we will share additional information here when it becomes available.

Status update — January 25, 2016

Following up on COMIXMUL’s takeover by the Honduran national cooperative regulator, CONSUCOOP, in April 2015, Kiva has been actively working with many stakeholders in Honduras including COMIXMUL, the CONSUCOOP and other international lenders in an attempt to recover the outstanding balance due to lenders. This process is still ongoing, and we will share additional information with lenders when it becomes available.

Status update – April 24, 2015

Kiva has chosen to pause COMIXMUL following news that management of the organization has been taken over by the Honduran national cooperative regulator, CONSUCOOP. Kiva is looking into the reasons for this move and will make decisions about the future of the partnership based on those findings. We will share additional updates with lenders as they become available.

Partner description:

COMIXMUL is a savings and loan cooperative in Honduras that focuses exclusively on women borrowers. Founded in 1986 by 12 women who had only $160 among them, its vision was initially to help women -- single mothers in particular -- gain access to a credit and savings program. 

Since then, its loan portfolio has grown to over $26 million. Members contribute $12 per year to the cooperative to access credit and savings services, as well as financial literacy and career development courses. The MFI currently has over 26,000 members.

In addition to financial products, COMIXMUL offers extensive educational programs and medical services. Past training courses have included business and loan management, financial education, salon services, jewelry making, handicrafts, sewing and food preparation. And for many members, the COMIXMUL clinic is their only option for quality health care. Services include annual exams, ultrasounds and subsidies for medications. In 2011, over 3,000 clients obtained health care services through the cooperative.

While COMIXMUL offers a variety of savings and loan products, Kiva lenders’ funds are used to expand three specific loan programs offered by the organization: agriculture loans, youth entrepreneurship loans and solar panel loans. There is high demand for these loans in the region, but due to capital constraints, the cooperative is currently unable to offer enough credit to meet women’s needs.


A unique lending approach:

COMIXMUL is open to all women who can pay the membership fee. Once borrowers become members, they’re eligible to use the cooperative’s services, including access to savings and loan products, business training and medical services. All COMIXMUL clients have access to savings accounts, and 70% of the women have made deposits.

COMIXMUL offers agriculture loans for female farmers producing a variety of crops like coffee, corn, beans, potatoes, peppers and more. Borrowers are asked to make bullet payments timed at the harvest so that they don’t have to worry about affording repayments without harvest income. These loans are considered risky in Honduras due to unpredictable weather and worldwide crop prices, preventing more formal financial institutions from offering these types of loans despite the high demand.

Youth entrepreneurship loans are designed for young women who have a project or business they would like to launch. The cooperative offers training in business plan development so that they can make their businesses more successful.

Solar panel loans are offered to women who live in communities that do not currently have electricity and where the government is not planning to install power lines for at least five years.  

Repayment Performance on Kiva

    This Lending Partner All Kiva Partners
  Start Date On Kiva Jan 7, 2013 Oct 12, 2005
Total Loans $1,775,875 $1,963,391,405
Amount of raised Inactive loans $0 $623,050
Number of raised Inactive loans 0 271
Amount of Paying Back Loans $0 $155,983,140
Number of Paying Back Loans 0 182,346
Amount of Ended Loans $1,775,875 $1,776,188,995
Number of Ended Loans 1,744 2,383,143
Delinquency Rate 0.00% 11.21%
Amount in Arrears $0 $10,545,215
Outstanding Portfolio $0 $94,056,681
Number of Loans Delinquent 0 43,938
Default Rate 46.36% 1.82%
Amount of Ended Loans Defaulted $823,335 $32,352,693
Number of Ended Loans Defaulted 940 84,927
Currency Exchange Loss Rate 0.09% 0.49%
Amount of Currency Exchange Loss $1,681 $12,028,211
Refund Rate 1.93% 0.54%
Amount of Refunded Loans $34,350 $10,528,825
Number of Refunded Loans 31 9,602

Loan Characteristics On Kiva

    This Lending Partner All Kiva Partners
  Loans to Women Borrowers 100.00% 78.25%
Average Loan Size $1,020 $392
Average Individual Loan Size $1,020 $589
Average Group Loan Size $0 $1,893
Average number of borrowers per group 0 8.3
Average GDP per capita (PPP) in local country $4,800 $5,599
Average Loan Size / GDP per capita (PPP) 21.25% 7.00%
Average Time to Fund a Loan 9.36 days 8.94 days
Average Dollars Raised Per Day Per Loan $108.98 $43.84
  Average Loan Term 15.02 months 11.47 months

Journaling Performance on Kiva

    This Lending Partner All Kiva Partners
  Total Journals 420 1,181,957
  Journaling Rate 23.39% 42.25%
  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 2013 data)

    This Lending Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 28% PY 36.00% PY 27.02% PY
  Profitability (return on assets) 1.1% 2.2% -3.03%
  Average Loan Size (% of per capita income) N/A 41.00% 0.00%

Country Fast Facts

Lending Partner Staff