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

Status update — October 11, 2019

Kingsbridge Microfinance's final loans with Kiva have been defaulted and this partnership is now closed. For the past 2.5 years, Kiva tried working with Kingsbridge to recover the outstanding amounts due to Kiva lenders. Along with 346 other institutions, Kingsbridge was shut down by the Bank of Ghana in May 2019, and Kiva has therefore concluded that further collections are unlikely, though we received one small ($500) repayment from the MFI in 2019. Kiva’s present assessment is that this Field Partner is no longer operating and will not make further payments. Thus the remaining $79,860.01 due to Kiva lenders has been defaulted. If we are able to recover any additional funds from Kingsbridge, they will be applied to lenders' accounts on a pro-rata basis.

We are confident your loans still made a positive impact on the students that received them. Thank you for your understanding and support.

Status update — September 26, 2018

Kiva and Kingsbridge Microfinance have agreed on a repayment plan. Beginning in October, 2018, Kingsbridge has agreed repay $1000 per month until their outstanding is repaid. Repayments will be settled out to lenders on a pro rata basis as they are received.

Status update — May 24, 2018

Kiva staff conducted an onsite visit at Kingbridge in April as part of our operational monitoring and discussed available options for payment of their overdue balance owed to Kiva. During the visit, we learned that their liquidity situation has not improved, mainly due to rising delinquencies from their borrowers who are unable to pay their loans on time. The resulting cash flow problems have made it difficult for them to meet most of their obligations as they become due. As part of the solution, they suspended lending activity beginning January 2018 to focus efforts on recovery of overdue loans from their borrowers. They have also entered into various restructuring arrangements to extend repayment terms for amounts they owe to some of their local investors. The management is also seeking new ways to financially stabilize the organization to enable them to eventually restart their lending program.

For the outstanding Kiva debt, we are considering a restructured repayment plan that will factor in their cash flow situation. Kiva will continue to monitor the situation and provide more updates as we progress.

Status update — February 28, 2018
Kiva has paused Kingsbridge Microfinance’s ability to fundraise new loans on the Kiva platform. The organization has informed Kiva staff that they're unable to send payments owed to Kiva lenders due to cash flow issues which have been worsened by a challenging financial environment in Ghana. Kiva staff remains in contact with Kingsbridge staff and are working to collect funds owed and will share more information as it becomes available.

Partner description: 

Kingsbridge Microfinance is a licensed, non-bank financial institution that can take deposits and is regulated by the Bank of Ghana.  It was established in 2008 under the name Kingsbridge Corporate services with the mission of offering microfinance products.  As a result of changes in the regulatory framework in Ghana, the company changed its name to Kingsbridge Microfinance ltd, a limited liability company incorporated in 2011. The company was issued a deposit-taking license by the Bank of Ghana in 2013. 

A unique lending approach:

Few financial institutions in Ghana offer student loans, which is why Kingsbridge aims to assist low-income students attending accredited tertiary education institutions (university, vocational school) in Accra, Ghana, with their tuition and living expenses. 

Kingsbridge offers education loans to students who have some source of income and are able to pay the loan installments on an ongoing basis, as well as those with no income currently but who can repay the loan once they complete their education and secure employment. 

Kingsbridge also offer business loans to budding entrepreneurs in Ghana.

In addition to offering loans, Kingsbridge clients are also required to open savings accounts that will help them prepare for future expenditures, and ensure they are able to make loan payments on time.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jun 5, 2014 Oct 12, 2005
Total Loans $188,325 $1,627,444,320
Amount of raised Inactive loans $0 $1,836,800
Number of raised Inactive loans 0 3,270
Amount of Paying Back Loans $0 $167,774,300
Number of Paying Back Loans 0 199,528
Amount of Ended Loans $188,325 $1,457,833,220
Number of Ended Loans 173 1,929,716
Delinquency Rate 0.00% 16.67%
Amount in Arrears $0 $17,694,042
Outstanding Portfolio $0 $106,142,259
Number of Loans Delinquent 0 78,835
Default Rate 44.04% 1.72%
Amount of Ended Loans Defaulted $82,940 $25,118,364
Number of Ended Loans Defaulted 127 62,644
Currency Exchange Loss Rate 2.84% 0.41%
Amount of Currency Exchange Loss $5,343 $7,206,933
Refund Rate 3.49% 0.58%
Amount of Refunded Loans $6,575 $9,496,275
Number of Refunded Loans 1 8,857

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 50.83% 77.46%
Average Loan Size $1,037 $390
Average Individual Loan Size $1,082 $601
Average Group Loan Size $2,036 $1,800
Average number of borrowers per group 3 8
Average GDP per capita (PPP) in local country $3,500 $5,665
Average Loan Size / GDP per capita (PPP) 29.62% 6.89%
Average Time to Fund a Loan 6.32 days 8.12 days
Average Dollars Raised Per Day Per Loan $164.02 $48.05
  Average Loan Term 25.29 months 11.36 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 155 986,043
  Journaling Rate 80.35% 42.07%
  Average Number of Comments Per Journal 0.00 0.03
  Average Number of Recommendations Per Journal 0.00 0.67

Borrowing Cost Comparison (based on 2016 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 31% PY 53.00% PY 26.75% PY
  Profitability (return on assets) -4.4% 0.3% 0.10%
  Average Loan Size (% of per capita income) N/A 13.00% 11.50%

Country Fast Facts

Field Partner Staff

Ivy Hyde-Attram