Hi All,
Thought you'd find this interesting: about seven years ago I invested in 17 Kiva micro entrepreneurs from different countries.
My success rate in selecting winning micro entrepreneurs over the years has been less than stellar -- with 17% of my loans defaulting. (The average default rate across the board on Kiva is about 1%! per Kiva's own stats).
Just looking at the stats now in retrospect is quite interesting because amongst 'my borrowers,' who defaulted, one was an American client of Accion East who needed about $5,000 for a restaurant venture (I should have known better bc so many restaurants fail, but alas I was drawn in).
Defaulting clients 2 & 3 were Peruvian with EDPYME Alternativa and Manuela Ramos/CrediMujer; and 2 other defaulters were Kenyan borrowers both with Ebony (I think these women defaulted during the political crisis so in my mind are excused).
I'd love to know if Kiva inquires with their partners about the MFI default/collection policies and when if ever debts can be forgiven.
My concern is that if I as the point of origin of the loan am obliged to 'write off,' and no longer collect on these debts, then the MFIs should be doing the same, right?
Any practitioner thoughts on this?
Best,
Jami Solli
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Posted by: Jami Solli <jamisolli@gmail.com>
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