People Microcredit Investment Bureau (PEMCI)

Kiva’s partnership with People Microcredit Investment Bureau (PEMCI) has been CLOSED. PEMCI, is based in Malaba, Northern Kenya, very close to the Ugandan border. As you may know, this region was severely affected by the riots and civil unrest that took place in Kenya in early 2008. A majority of PEMCI's entrepreneurs were adversely affected by this event, and this has resulted in a high number of defaulted loans.

PEMCI has made every effort to work with their clients to fully understand their unique situations and how it has affected their businesses and their ability to repay their loans. However, PEMCI has decided to default Kiva loans where (i) their clients have been unable to be located, (ii) clients' businesses have been destroyed, and (iii) clients may have otherwise suffered such extreme losses that their debt is causing them unusual difficulties. In certain cases, PEMCI is attempting to recover funds from borrowers, but the outcome of such collection activity is highly uncertain. While further collections are highly unlikely, if Kiva is able to collect further funds they will be distributed to affected lenders in accordance with the amounts loaned by such affected lenders to the defaulted PEMCI borrowers.

Original description posted by PEMCI:

Our Vision:

To become a financially viable and sustainable organization, delivering a wide range of financial and non-financial services that contribute to a better and equitable world for ALL.

Our work:

To build wealth and assets, encourage self-employment, increase incomes and restore market forces to benefit individuals and communities through affordable and sustainable microloans and related financial services. This would be achieved through: innovative ideas; diversified financial products; programs and services to individuals and communities especially low income entrepreneurs in the informal sector; networking with other development partners; teamwork and mobilization of resources and support nationally and worldwide.

PEMCI can be contacted directly at info@peoplefinance.co.ke