In 2025, Kiva participated in the Microfinance Index (MFI) Survey with 60 Decibels, enabling Kiva to directly hear borrowers’ voices. More than 6,900 borrowers across 22 Kiva partner institutions in 15 countries participated.
The purpose of this study for Kiva is:
To collect evidence from borrowers about outcome-level changes that access to financial products and services from Kiva’s partners facilitated
To provide a platform for borrowers to share feedback on the impact of financial access on their livelihoods and offer suggestions for improvement
The survey findings highlight that access to credit remains a key driver of improvements in borrowers' livelihoods.
Growth in business income
A key outcome the survey examined is how borrowers perceive changes in their business earnings resulting from loans they received from financial service providers (FSPs). Most borrowers reported using their loans to invest in their businesses, with 8 in 10 putting the money toward new ventures or expanding existing ones.
“After receiving the loan, we grow watermelons, tomatoes, potatoes, and carrots in the field, and then sell all of this, which gives us a stable income. We are doing well.” Anonymous client on loan usage.
While business earnings are influenced by many external factors, such as market conditions, demand fluctuations, and seasonal changes, the data shows a consistent pattern; when borrowers invest their loans into their enterprises, business income tends to increase, with 8 in 10 borrowers reporting an increase in business earnings as a result of support from their FSPs.
“My business income has significantly improved now. I used the loan to upgrade my haircutting business with a nicer space, and it's drawn in many more customers. As a result, my haircutting income has increased, enabling me to manage daily expenses and save.” Woman, 51, Borvor Finance Customer, Cambodia.
For partners like UGAFODE that have participated over three consecutive years, the data reveal an important trend. The percentage of borrowers using loans for business purposes is consistent with the percentage of borrowers reporting increases in business income, and the two metrics move in the same direction over time. When loan investment in businesses increases, income rises, and when it decreases, income declines, as shown in the graph below. This movement suggests a strong positive relationship between the use of business investment loans and business earnings growth.
Improvement in quality of life
To assess how working with the FSP influenced borrowers’ quality of life, the study gathers data on changes in clients’ overall well-being and their ability to invest in and meet household expenses. Notably, approximately 9 in 10 borrowers reported that their quality of life had improved because of the FSP.
The purpose of the loan was that I was a little short of funds for the business, and after receiving the loan, I had the necessary money, I began to invest it into business, and the income increased. Everything changed for the better: I have enough money to repay the loan and to support my family. I do not experience difficulties - not to the point of saying: "I have a loan, I can't feed my family." No, thank God, both the family is well-fed, and the business is going well. Man, 36 yrs, JSC Imkon Finans client, Uzbekistan.
Furthermore, borrowers who reported increases in business income were more likely to report improvements in their quality of life. Higher business income enables clients to afford household bills, invest in assets, pay school fees, access healthcare, and reinvest in their businesses, creating a reinforcing cycle of economic and household stability.
Through a gender lens, both men and women borrowers reported increased business earnings, which contributed to improvements in their quality of life; 8 in 10 women borrowers and 7 in 10 men borrowers reported such improvements.
While both groups show improvements in quality of life, women borrowers are more likely to attribute these improvements to their ability to pay school fees (6 in 10 women compared to 5 in 10 men) and to improved access to health services (5 in 10 women compared to 4 in 10 men).
Access to healthcare has steadily increased over the years, as shown in the graph below.
While overall quality-of-life improvements remain consistently high across all years (above 90%), access to health care has shown significant, steady growth, rising from 20% in 2022 to 61% in 2025. This suggests that access to healthcare increases with greater financial access.
For partners such as Komida and UGAFODE, who have participated in multiple rounds of data collection over the years, an average of 9 in 10 clients annually reported improvements in their quality of life due to access to loans and financial services, as shown in the graph below. This consistency over time highlights the sustained impact that financial access can generate.
Improvement in financial resilience
The MFI study also assessed financial resilience to evaluate the extent to which borrowers are able to cope with unforeseen economic shocks since engaging with the FSP. Nearly 7 in 10 borrowers reported an improved ability to handle unexpected expenses due to support from the FSP.
And when asked how their financial management skills had changed because of the FSP, nearly 8 in 10 borrowers reported that their ability to manage their finances had improved. These improvements include a better ability to budget, pay for expenses on time, and set aside savings from their income. When it comes to savings in particular, 6 in 10 clients reported that their savings have increased.
This increased resilience also translates into improved financial well-being, with approximately 6 in 10 clients reporting spending less time worrying about their finances as a result of their engagement with the FSP.
“At that moment, we needed money, so we didn't have to look for a loan on the side. We quickly applied and received a loan from Bailyk. We quickly resolved our issues. We spent the loan on planned needs. All problems were resolved. We became calm”. Anonymous Bailyk client on the role of FSP on resilience, Kyrgyzstan.
Client protection
Client protection remains central to Kiva’s approach, with a strong emphasis on ensuring borrower safety and preventing exploitation. Understanding how borrowers perceive their relationship with their FSPs and whether they feel supported when issues arise is critical.
In the 2025 MFI Survey, 9 in 10 borrowers reported that their FSP’s fees, interest rates, and penalties are clear and easy to understand. Additionally, 8 in 10 borrowers reported that loan repayment is not a burden.
Additionally, the study reveals a strong correlation between clarity of loan terms and repayment. Overall, according to 60 Decibels, more than half (54%) of clients who say loan terms are unclear report experiencing some form of repayment burden, compared to just 22% of those who find the terms easy to understand. In other words, the likelihood of experiencing repayment burden more than doubles when borrowers do not clearly understand their loan terms and fees. With approximately one-quarter of clients reporting that repayment is a burden, this represents a critical client-protection gap that FSPs can directly address through clearer communication and transparency.
Lending Partner Komida provides a strong example of consistent performance in this area. Over the past four years, an average of 96% of Komida’s borrowers have reported a clear understanding of fees, interest rates, and penalties, and similarly, 96% report that loan repayment is not a burden. This demonstrates the tangible link between transparency and positive repayment experiences.
When asked about unexpected charges, 9% of borrowers from Kiva partners reported experiencing them, though mostly rarely. Notably, 60 Decibels found that users of digital-only services are twice as likely to report unexpected charges, highlighting a potential protection gap in fully digital delivery models. The findings suggest that a hybrid approach, combining in-person and digital service delivery, may better balance operational efficiency with client protection. In hybrid models, only 7% of clients (a 2% point reduction) reported unexpected charges.
Finally, regarding respectful treatment, 9 in 10 borrowers reported never experiencing harassment from FSP officers. However, lending methodology appears to matter: 5 in 100 borrowers using group lending reported experiencing harassment, compared to 9 in 100 borrowers using individual lending. This suggests that group-based models may offer additional layers of accountability or peer protection compared to the individual lending methodology.
Climate resilience
Rising climate-related challenges have increasingly underscored the need for Kiva to better understand the role FSPs play in strengthening borrower resilience.
The study shows that FSPs remain critical actors in helping clients respond to climate-related shocks. With approximately 5 in 10 borrowers reporting that their loans are invested in the agricultural sector, borrowers are particularly vulnerable to climate risks such as prolonged drought, unpredictable rainfall patterns, significant pest or crop disease outbreaks, and extreme temperatures. Encouragingly, about 5 in 10 clients report that access to the FSPs has helped them improve their coping strategies in the face of such shocks.
In response to climate shocks, borrowers report adopting several resilience strategies, including adapting agricultural practices, taking loans to stabilize operations, and diversifying income streams. These findings suggest that access to FSPs can play an important role in enabling households and small businesses to respond more effectively to climate volatility.
Looking ahead
Kiva will continue to invest in building a robust evidence base from the borrowers’ perspective to better understand how access to credit improves livelihoods. Looking at data from years of studies enables us to identify trends in how borrowers perceive their engagement with FSPs and how they would like products improved to better serve their business needs.
Kiva relies on this data to inform and shape impact conversations with its partners and remains committed to engaging in data-driven conversations.
