OCN Prima Finantare SRL
July 2020 - COVID-19 Update:
Kiva has been in contact with Smart Credit (OCN Prima Finantare) to understand how we can best support their business and borrowers during the ever-evolving COVID-19 pandemic. We continue to prioritize the safety and well-being of all staff, borrowers, and their families as this global pandemic continues. While country-specific responses to the crisis vary, most governments have imposed curfews, travel restrictions, and nationwide shutdowns. This has caused many economies and businesses to grind to a halt. As a result, Smart Credit (OCN Prima Finantare) has allowed some of its borrowers to temporarily postpone loan repayments due to the aforementioned restrictions or fallout effects of the virus. Because of this, it is possible that lenders will see a delay in repayments over the coming months. As an impact-first funder, Kiva is committed to serving our Lending Partners as in past crises. We are sympathetic towards temporary increases in repayment delays and delinquency in order to help Lending Partners and borrower communities recover.
Kiva is working closely with Smart Credit (OCN Prima Finantare) to support them and their borrowers through the COVID-19 crisis. Smart Credit (OCN Prima Finantare) is sending regular updates to Kiva, and we'll update Partner Pages as we learn more.
On behalf of Kiva and Smart Credit (OCN Prima Finantare), we’re grateful for your continued support and understanding through this difficult time.
Partner description:
Smart Credit changed its name to Prima Finantare. This was done for two main reasons. Firstly, the company has become an international company and now is present in two countries: Moldova and Romania. In addition, the name change is part of a marketing plan to differentiate the company from other local MFIs with 'Credit' in their title. Prima Finantare is a microfinance organisation with headquarters in Ungheni, Moldova. The company has a presence in 11 regions of the country, from north to south, serving Moldova's rural and entrepreneurial population. The company has also an online presence, through its lending 'primafinantare.md'. where clients can complete online applications for loans. Prima Finanatre aims to provide affordable loans to this population and also acts as an insurance agent for health, car, and accident insurance.
Nearly 17% of Moldova's population lives below the national poverty line. Due to the devaluation of the Moldovan Leu, local financing became more expensive, so Kiva funding becomes essential in maintaining affordable loans, especially for the rural population.
A unique lending approach:
Prima Finantare offers loans that cover a wide range of industries and purposes, including new businesses, consumer goods, agricultural inputs, and home improvements. These loans enable both, the growth of income-generating activities and the creation and improvement of healthy living conditions.
Repayment Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Start Date On Kiva | Jul 7, 2015 | Oct 12, 2005 | |
---|---|---|---|
Total Loans | $4,958,495 | $2,061,041,065 | |
Amount of raised Inactive loans | $0 | $311,410 | |
Number of raised Inactive loans | 0 | 365 | |
Amount of Paying Back Loans | $1,242,225 | $151,019,205 | |
Number of Paying Back Loans | 519 | 179,653 | |
Amount of Ended Loans | $3,716,270 | $1,864,416,345 | |
Number of Ended Loans | 2,323 | 2,517,078 | |
Delinquency Rate | 0.71% | 11.65% | |
Amount in Arrears | $6,125 | $10,591,703 | |
Outstanding Portfolio | $860,409 | $90,885,235 | |
Number of Loans Delinquent | 9 | 34,499 | |
Default Rate | 0.27% | 1.83% | |
Amount of Ended Loans Defaulted | $10,101 | $34,067,325 | |
Number of Ended Loans Defaulted | 10 | 91,294 | |
Currency Exchange Loss Rate | 0.31% | 0.47% | |
Amount of Currency Exchange Loss | $55,855 | $12,915,654 | |
Refund Rate | 0.00% | 0.55% | |
Amount of Refunded Loans | $0 | $11,263,070 | |
Number of Refunded Loans | 0 | 9,868 |
Loan Characteristics On Kiva
This Lending Partner | All Kiva Partners | ||
Loans to Women Borrowers | 52.60% | 78.51% | |
---|---|---|---|
Average Loan Size | $1,745 | $393 | |
Average Individual Loan Size | $1,745 | $585 | |
Average Group Loan Size | $0 | $1,914 | |
Average number of borrowers per group | 0 | 8.3 | |
Average GDP per capita (PPP) in local country | $3,800 | $5,592 | |
Average Loan Size / GDP per capita (PPP) | 45.91% | 7.03% | |
Average Time to Fund a Loan | 13.04 days | 9.14 days | |
Average Dollars Raised Per Day Per Loan | $133.75 | $43.02 | |
Average Loan Term | 27.46 months | 11.5 months |
Journaling Performance on Kiva
This Lending Partner | All Kiva Partners | ||
Total Journals | 2,124 | 1,228,446 | |
---|---|---|---|
Journaling Rate | 86.39% | 41.93% | |
Average Number of Comments Per Journal | 0.00 | 0.02 | |
Average Number of Recommendations Per Journal | 0.00 | 0.55 |
Borrowing Cost Comparison (based on 2020 data)
This Lending Partner | Median for MFI's in Country | All Kiva Partners | ||
Average Cost to Borrower | 31% APR | 20.00% PY | 27.12% PY | |
---|---|---|---|---|
Profitability (return on assets) | 4.66% | 1.6% | -1.71% | |
Average Loan Size (% of per capita income) | N/A | 89.00% | 0.00% |
Country Fast Facts
- Country:
- Moldova
- Capital:
- Chisinau
- Official Language:
- Moldovan 100% Romanian
- Population:
- 3,583,288
- Avg Annual Income:
- $3,800
- Labor Force:
- agriculture: 26.4%, industry: 13.2%, services: 60.4%
- Population Below Poverty Line:
- 21.90%
- Literacy Rate:
- 99%
- Infant Mortality Rate (per 1000):
- 12.93 deaths
- Life Expectancy:
- 70.12 years
Lending Partner Staff
Corina CiomschiSergiu Cozmolici
Tatiana Pavlov
Natalia Secrieru
Victoria Sima