While we wait for things to start... Perhaps someone can answer a basic question. Why are loans all credited on the same day rather than trickling in throughout the month? I have noticed a few that occasionally get paid on a different day but it's usually the 15th.
In the early hours of the morning of the 15th of each month, Kiva starts processing the lists that the MFIs have sent in of repayments that they received from entrepreneurs in the previous calendar month.
Kiva then determines how much the MFI owes to Kiva and compares that to how much Kiva owes to the MFI in respect of the MFI's fundraising loans. Kiva then "nets off" (or is that "netts off" - I'm never sure of the correct spelling) the amounts and, if Kiva owes the MFI money they wire it to them, but if the MFI owes Kiva money then Kiva issues the MFI with a bill (which is now due to be paid by the 1st of the following month).
As an example, if the MFI had received back $10,000 from entrepreneurs in June, and had raised $15,000 in loans on the Kiva website since the last billing cycle, then Kiva would pretend it had actually received the $10,000 from the MFI, credit it to the appropriate lenders, and then wire the MFI the remaining $5,000.
If the numbers were $10,000 and $7,000 instead, Kiva would credit $7,000 to lenders (lowest loan ids first if I remember correctly) and send a bill to the MFI for the other $3,000 - which may turn up anytime in the next two weeks.
This "netting-off" process and once-a-month billing process is done to reduce the costs of wire transfers to and from the MFI.
