Goodbye, Kiva

0Ross • 25th Oct 2009 • Living • africa, development, international development, kenya, kiva, loans, microfinance

Oh dear, it appears that Kiva has suffered another defaulting partner. This time, it’s Kenya’s Ebony Foundation that has stopped paying back loans – apparently using last year’s violence a a convenient reason to shirk its obligations. The organisation’s leaders are playing hide and seek. Unfortunately, this gives microfinance (and Kenya!) a bad name. I won’t be putting any more money into Kiva: this is not the first time a partner has failed to repay monies owed. This does not show Kiva’s due diligence in a good light. I would be much more understanding if it were loan recipients who were defaulting – but for a large partner to walk off with more than half a million dollars, well, as the saying goes, fool me once…