WEEC Update

[Guest]

.

[Liz]

Hi Everyone!

Due to WEEC's unusually high delinquency rate, we posted a status update on WEEC's partner page: http://www.kiva.org/about/aboutPartner?id=6. Future updates regarding these loans will be posted by our field partner as journal updates on individual business profile pages. 

I do apologize for the delay in our providing further updates regarding these loans.  We have a small staff, and there is only so much that we can accomplish each day.  However, we will continue to update our existing policies and procedures, so that we can consistently provide all lenders (you!) with loan updates more frequently.

Also, please know that if you have any feedback or concerns that you would like to share with Kiva staff, you can email contactus@kiva.org.  We created a streamlined customer service center, so that we can respond to all lender emails in a timely manner.

Warmest regards,

Liz Harmon
Customer Service Coordinator
www.kiva.org
Loans that Change Lives

[Wood Fairy Glenda]

Thanks for the message, Liz, and we know you "have a small staff, and there is only so much that [you] can accomplish each day". You do amazingly well.
......By the way, we wouldn't have bitten you in the chat room  - we were talking about snakes when you peeked in

[KivanSteven]

I havent been paying too much attention to this topic until recently, but thank you Liz...I sympathize with you as much as anyone else when it comes to understanding the limitations of a small staff with a huge job...I am extremely pleased with Kiva considering the progress and advances amid your relatively young age.

[Zukin]

Thanks Liz!  This update is perfect and it really gives me peace of mind.

From the WEEC partner page:
- - STATUS UPDATE - -

Due to WEEC's unusually high delinquency rate, we want to provide a status report on the steps that Kiva is taking to address this situation. First, some background on WEEC.

WEEC was founded in 1996 by a dedicated and inspiring woman by the name of Jedidah Waigwa. When Kiva.org established its partnership with WEEC in 2006, WEEC was still a struggling, but promising Microfinance Institution (MFI). The unexpected and untimely death of Jedidah in April of this year added significantly to the organizational challenges facing WEEC. These challenges include strengthening the WEEC accounting and loan data system in order to provide an accurate accounting to Kiva lenders on the status of their loans to WEEC clients.

Following the death of their founder this spring, Kiva.org responded by sending a very qualified Kiva Fellow (certified Chartered Financial Analyst) with microfinance knowledge to WEEC for three months in June of this year. That Fellow provided strong assistance to WEEC and has been replaced by another Fellow (MBA) who has been on site since the beginning of October. In addition, Kiva.org has recently retained the services of a local accounting and financial services firm to assist WEEC in validating its loan reconciliation process as well as building capacity in its financial reporting systems. Once this firm provides Kiva.org and WEEC with its findings, further updates regarding the status of these loans will be provided.

Thank you very much for your patience and support! Future updates regarding these loans will be posted by our field partner as journal updates on individual business profile pages.

[Peter S]

From Matt Flannery's latest (Nov 26th) entry on his blog at
http://www.socialedge.org/blogs/kiva-chronicles

Premal is in Kenya.  Among other things, he is consulting with an ailing WEEC and helping kickstart our partnership with BRAC in East Africa.  WEEC, as many here know, suffered a huge loss with the passage of Jedidah Waigwa last Spring.  Ever since then, they have had trouble moving forward and are experiencing over 30% delinquency across their Kiva portfolio.  This has raised an important question inside our organization:  How much should we get involved in building the capacity of our partner base?  How much should we intervene when a partner is in turmoil?  In this case, we've pretty much made up our minds -- we are doing *alot*.  More on that in the months to come...

(thanks to Stubear for the general heads up on Matt's new posting, at..
http://www.kivafriends.org/index.php/topic,1306.msg14255.html#msg14255 )

[eliztravels]

Finally, news. I am not affected directly by any of these loans but have been following the discussion with interest.  Looks like Kiva has been working very hard to straighten out the situation 'on the ground'.  Too bad there couldn't have been a more timely effort to address the communication issue with kivafriends and loaners.
  
eLiz

[KivanSteven]

I thought the same exact thing last night...what does Kiva do when an MFI has internal problems?  Does it get involved and help prop them back up or simply cut the ties and move on...I think it says a lot about how far Kiva has come...that they are willing and able to expand their role while it also being a testament to their nobility--willing to shoulder the burden of a huge problem when they are not obligated to do so...its great that it appears they have the resources to accomplish this.

[Kay]

Thank you, Liz--and thank you, Peter, for pointing us to Matt's latest blog entry!

[simba]

It is good to see that silence is broken.  However, there is nothing 'new' in the five week old message and yesterday.  I am sure after months of kiva fellows working some hints to the types of problems they are facing would have been nice.

[michael]

Now, simba, you're being too practical again.


I'll be back later, I am going to look for my cow.