Status Update - April 1, 2013

Manuela Ramos / CrediMUJER is no longer using Kiva funding. After more than five years, $4.2 million in repaid loans and nearly 9,000 borrowers impacted, Kiva and Manuela Ramos have ended their partnership. During this time, the organization always made payments on time and has been a strong and reliable Field Partner. We thank them for their years of collaboration and hope to work with them again in the future.

Original Partner Description

A nation-wide Peruvian nonprofit organization, the Movimiento Manuela Ramos is dedicated to creating a future where women and men interact in an equitable manner, and where they have equal opportunities for economic (and other) fulfillment.

Manuela Ramos' microfinance program, CrediMUJER, serves borrowers in 6 Peruvian provinces, focusing primarily on rural and peri-urban markets. Its headquarter offices are in Lima, Peru.

Our Mission

CrediMUJER’s mission is to facilitate access to financial services through education and the promotion of savings for business entrepreneurs and women with limited access to resources. CrediMUJER is present in rural and marginalized urban areas in six Peruvian provinces, working with women to strengthen their autonomy and economic independence by promoting decision-making and exercising institutional values and principles on a daily basis.

Strategic Objectives


Executive Director Gloria Diaz explains how Kiva lenders are supporting Manuela Ramos' work in Peru:



Communal Banks

CrediMUJER’s main financial product is a group loan for communal banks, for groups of 10-30 women. The loans are staggered and start at 100 and 500 Soles, with the possibility of reaching 3,000 soles, with payment periods of 3-6 months.

Savings are voluntary and make up the “internal account” of the communal bank, which is managed by the bank members, with the assistance of the MFI and the Loan Officer.

Communal Bank members are also offered:


Mientras tanto (Interim) Loan


Life Insurance

“Vida Mujer” is micro-insurance developed for the security of clients and their loved ones. This product counts on the support of the “La Positiva Vida” and offers coverage in the case of natural death for a monthly premium of 1 sol.


Status update on Manuela Ramos from Kiva Staff on April 1, 2010:

In March 2010, Kiva discovered that some recent loans posted on Kiva by Manuela Ramos had pictures that were altered using photo editing software. This is in violation of Kiva’s policies. Kiva investigated this matter and it became clear that these loans were being posted by one person who had recently been contracted by the organization’s San Martin branch office. That person has since been let go by Manuela Ramos. All loans that had pictures that were edited have been refunded, and the money returned to Kiva lenders. Kiva has conducted an audit of the loan profiles posted to Kiva by Manuela Ramos and has concluded that this was an isolated incident.


  • To position CrediMUJER as a micro finance service agency with a gender-based approach
  • To develop and strengthen women's economic autonomy and to boost economic growth
  • To have an effective, efficient, and competitive information system of financial and social management
  • To be a flexible and sustainable organization supported by the development of human potential
  • Loan Campaigns: Fast-track parellell loans aimed at funding school registration, patron saint festivities, anniversaries, Christmas, and others
  • Fixed Asset or Working Capital Loans: Fast-track parallel loans aimed at funding the purchase of fixed assets and working capital.
  • School Loan: Parallel loan aimed at funding the purchase of school supplies, proms or graduations
  • CrediMUJER also offers group loans aimed at training future Community Banks. Groups are comprised of 4-10 members, loan amounts range from 100 to 1500 soles, and payment periods are 3-6 months.

Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Aug 24, 2007 Oct 12, 2005
Total Loans $4,219,675 $1,592,116,445
Amount of raised Inactive loans $0 $540,550
Number of raised Inactive loans 0 202
Amount of Paying Back Loans $0 $163,114,575
Number of Paying Back Loans 0 198,351
Amount of Ended Loans $4,219,675 $1,428,461,320
Number of Ended Loans 8,507 1,888,324
Delinquency Rate 0.00% 17.07%
Amount in Arrears $0 $17,337,242
Outstanding Portfolio $0 $101,591,417
Number of Loans Delinquent 0 52,936
Default Rate 0.01% 1.69%
Amount of Ended Loans Defaulted $250 $24,149,199
Number of Ended Loans Defaulted 1 60,162
Currency Exchange Loss Rate 0.00% 0.40%
Amount of Currency Exchange Loss $0 $6,915,950
Refund Rate 1.14% 0.59%
Amount of Refunded Loans $47,950 $9,457,725
Number of Refunded Loans 87 8,817

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 99.84% 77.41%
Average Loan Size $476 $392
Average Individual Loan Size $492 $601
Average Group Loan Size $1,769 $1,800
Average number of borrowers per group 11.7 8
Average GDP per capita (PPP) in local country $12,000 $5,685
Average Loan Size / GDP per capita (PPP) 3.97% 6.90%
Average Time to Fund a Loan 3.05 days 8.06 days
Average Dollars Raised Per Day Per Loan $156.38 $48.64
  Average Loan Term 4.8 months 11.35 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 1,076 969,614
  Journaling Rate 12.34% 42.44%
  Average Number of Comments Per Journal 0.10 0.03
  Average Number of Recommendations Per Journal 7.07 0.68

Borrowing Cost Comparison (based on 2009 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower N/A 29.00% PY 26.61% PY
  Profitability (return on assets) N/A 1.4% -0.35%
  Average Loan Size (% of per capita income) 6.44% 42.00% 11.35%

Country Fast Facts

Field Partner Staff

Jennifer Ballen
Karl Baumgarten
Esther Catacora Velazco
Pucallpa DIreccion
Chris Federer
Courtney Kemps
Davis Linarez García
Amelia Quiroz Caballero
Diana Rodriguez
Emily Romanelli