Status Update - February 13, 2014

Kiva and FINADEV Bénin have ended their partnership. This is due to Kiva increasing its focus on loans that would not be offered without subsidized capital from Kiva lenders. You can learn more about this strategy here. As a well-developed and reputable organization with a range of other international funders, FINADEV Bénin is able to reach its target population and fulfill its social mission without Kiva's support. 

Over the course of the partnership, FINADEV Bénin made payments on time and has been a strong and reliable Lending Partner. We thank them for their collaboration and hope to work with them again in the future.

September 15, 2011

As part of an ongoing effort to fully migrate risk ratings to our new and enhanced risk rating system, Kiva has conducted a re-assessment of the level of risk posed by this institution.

During this re-assessment, our analysts were able to gather updated operational and financial information about the institution, as well as speak with key members of the staff. 

The information gathered during this process, together with the Kiva's new risk rating system and half-star support, has led us to revise Finadev Benin's risk rating from 2 to 3 stars. The analysts have found that Finadev Benin's risk variables, reviewed in the new risk rating model, were most representative of a 3-Star rating.

We have prepared a blog post with more information on Kiva's new and enhanced risk rating system, along with a chart showing the relative magnitude of the overall changes for Kiva's portfolio.  To view that, please go here: http://www.kiva.org/updates/kiva/2011/09/07/kiva-risk-ratings-now-with-half-stars.html.

Finadev Benin has been informed of our analysts’ findings and their corresponding change in rating.

Finadev Benin is the oldest microfinance company in West Africa, created in 2001 in Benin. Since its inception, Finadev Benin has already granted more than 40,000 loans. Through its 6-branch network, Finadev is active in the main cities of Benin, but also in peri-urban and rural areas, where the institution supports the production of staple food.

What is our vision ?

With a strong emphasis on the quality of services, Finadev Benin aims at reducing poverty among the economically active poor and at supporting the economic activities that will enable people to generate revenues, in order to face education, health or housing expenses.

What do we offer ?

Finadev Benin, as a private actor and a company, is well-placed to offer suitable products to micro-entrepreneurs that want to develop or boost a business. Finadev has the widest range of products among MFIs in Benin, from short-term, bullet loans to investment, long-term loans (up to 4 years) and for a wide range of amounts (from $100 to $75,000). Some of our clients have already repaid more than 20 loans. Additionally, Finadev pays a very strong attention to employment matters when lending, as we think that our loans should increase revenues of borrowers but also enable them to hire additional staff and make investments.

Finadev has also recently developed life insurance products, in partnership with local insurers, to support the education of children or the family in case of death / severe illness.