Zidisha lenders from Canada :)
This month: $151,365
Last month: $0
All time: $151,365
José Gabriel Sausen
Please help Rosemary
If anyone has extra funds to lend, I would recommend Charles. He has paid back the last 2 loans in a timely manner; he runs a gym in Nairobi, he is very hardworking and communicates often. In addition to running his business, he helps with school fees for his brother's university costs and also helps with health costs for his relatives. His loan is about to expire.
ZIDISHA STATISTICS ARE ALL WRONG -
THEY DON'T EVEN ADD UP. NOT EVEN CLOSE.
Another great borrower for your consideration.
If anyone is looking for a good loan, this borrower paid off her last loan 5 months early. I've lost money too so now only lending to the ones I trust.
Re: Infinityrush's comment on Feb 14/14. I have been lending to various microfinance organizations for over 4 years including Zidisha for a year and a half. Too many of my Zidisha loans have had no repayments of any amount, so as a result I am no longer putting any new funds into Zidisha. I love the Zidisha model. However, the repayment accountability is too lax for me...
Hey Scott (and the rest of the group),
They finally updated the write-off policy and if you take a look at the new numbers: 1 in 5 loans are being written off (18.27% to be exact). Like you, I will no longer be adding funds into Zidisha... in fact I have considered cutting losses. Until they can find a way to improve accountability, there is no safe way to ensure the other side keeps their end of the bargain. If you know of any alternatives right now, I am all ears.
There's a discussion about this here and Julia Kurnia is taking the time to respond to questions. Loans aren't truly being written off and she's recognized that this was confusing. They just want more honest statistics. They're still working with lenders to repay their loans.
I still believe in Zidisha but I still think there's work to be done. Direct lending is messier than backstopping MFI loans like through Kiva.
Hey All! Happy Valentines Day!
As a general board strokes comment, has anyone been noticing the trend that most of the newer loans never keep up with the agreed repayment plan and are now delayed/rescheduled? I'm noticing a disturbing trend that has the bulk of my loans around 6 months or more behind.
I would have to say that I experienced this largely with loans from Dec 2012 to March 2013. But when I dug deeper into it, it looks like these loans were all based in Kenya and this was the period leading up to the Kenyan election. Any election brings uncertainty so it's easy for good plans to fail.
Since June, I've seen some effort to make repayment on almost all my newer loans. I tend to only invest small amounts (usually $10) in each borrower so I have a pretty large sampling (>150). I would Look to see if your pattern can also be explained by the elections in Kenya.
Personally, I'm only interested in making a reasonable return so I can keep rolling it forward. I'd like to see some more effort to follow up with delinquent borrowers, but only to promote trust in the system.
I did the math today and realized that I have lost 55% of my uploaded funds. The most unfortunate part of this is that I really believe in the idea behind Zidisha. However, I will be playing it safe and donating to charity so I can a least get a tax receipt for charitable donations. Thank goodness I uploaded all of my funds at a time when the Canadian dollar was at par :)
Yun-Fang Juan will be matching all Zidisha loans dollar for dollar over the next week. It's a good time to upload some extra funds.
Here are two young entrepreneurs we should help achieve their dreams. Lets lend them a hand
Elizabeth Ogawo- www.zidisha.org/microfinanc...
Erick Njoroge Waithaka- www.zidisha.org/microfinanc...
They are highly recommended by their VM, and have good business plans and outline
Happy holidays! Meilleurs voeux!
We've had a few loans go sideways in the past year so lately I've been exclusively investing in borrowers with previous loans and positive reviews. I'm thinking about revisiting that policy since it creates a closed system that only rewards long-term borrowers. I might do something like every fifth loan is on a new borrower. Basically, I just want a healthy return so I can keep on investing. What are other peoples' strategies?
I've had 3 loans go sideways too. I forgave one because the borrower hit some really rough times and Zidisha sent me a forgive request, but two others recently were written off without much explanation as to the borrowers' situations, which is too bad!
I've been doing something like what you're considering as a 'strategy'...and bidding less on new borrowers vs. those whom I've previously lent to, or those that have stellar repayment records on previous loans.
I agree, a few loans have gone sideways, but luckily there is an option of them rescheduling the payment plan. I have not been put into a position where forgiving the loan was an option, but I just consider it a long term loan to a person that really needs it. If they wanted to run away with the money, they wouldn't bother staying in contact with us anyway.
I'm more concerned about my ability to continue to have a positive impact than actual returns on money. I just wanted to hear about how people were selecting loans and whether there were better strategies. December is my biggest time for uploading funds into Zidisha so it's good to have a plan!
we should help STEPHEN KAMUNGE KABAI, it is his second loan and we have until the second of november to realise his loan, few dollars are still needed. thank you for your help
Happy Thanksgiving! I celebrated by uploading some more money and investing in five proposals.
Zidisha has new forums, which will hopefully be easier to read and use, and provide an opportunity for increased communication with team members, other lenders, and borrowers.
Things are still being integrated/improved (needs a 2nd signup/login), but a Team Canada message board can be found here eh.
Please pop around and say hi.
Happy Canada Day, everyone! Thank you all for your generosity through lending on Zidisha. I am so thankful for the many blessings we enjoy in our country and am so happy that we are able to share that with others around the world. Hope you are all doing well. Cheers!
Zidisha has just passed its first million dollars in loans - what a milestone! I hope this encourages all of us here on Team Canada to continue being generous with our lending.
I would like help filling Hannah Waithira's loan. She is a third-time borrower whose loan was suddenly taken down in January because of the change in rules. She lost a business opportunity because of that. She is a widow with 5 children, and she is essentially a real-estate agent who buys and sells shambas. She has been through a lot emotionally with Zidisha as well as losing one really good sale. (You can read about it in the comments on her loan.) I would love to see her large loan filled as soon as possible by the Zidisha community so she can regain faith in us.
Now that anyone can add translations, a couple of us have started trying to up the amount of lending to Francophone countries by volunteer translation into English. Loans seem to fill up more quickly if the description is in English. If anyone here would like to help, we would appreciate even one loan translation. It's a way of giving that costs nothing except a few minutes and will have a big impact!
Good idea on translation of French to English, that would be a help.
I've been thinking of helping out with the translations. What holds me back so far is unfamiliarity with the education system in the countries, and my limited amount of business/technical vocabulary in French, but that's probably laziness on my part. So thanks for reminding me and I'll see what I can do this weekend.
Oh, and I'm glad to be part of the group! I live in Montreal.
Hi! I'm a volunteer for Zidisha, as well as a lender, and I can tell you that translators are very appreciated. As long as the basics are translated, the details, although interesting, can be left for later translators (or just left altogether if it so happens.) So please, don't hold back!
Nice to meet you! So far I've translated a few profiles from borrowers in Senegal. I'm happy to help when I have the time, especially since it helps improve my French.
For everyone who wants to help: Google Translate is useful, though the result will need editing. Also, this Wikipedia page shows the English equivalent for French grade levels: en.wikipedia.org/wiki/Educa...
I just know about this... I have learned some ok-ish French from school long ago... I am still able to read French fine as long as I have a dictionary to help me look up words that I don't recognize. Thanks for sharing the info! I am going to help with translation and also up my French during the process :D
One interesting thing that happened recently is that I was offered the option to forgive my portion of a loan due to a borrower's unfortunate circumstances.
The update from the client manager in Nairobi said that the borrower had been accused of theft by his employer, then jailed for 5 weeks without a conviction, and had his assets liquidated while imprisoned, and so he had to move to another city to find work.
So the idea of 'breaking even' on Zidisha is what I aim for as well, after paypal fees that I've already paid for uploading credits in the past and the possibility of absorbing losses from defaulting loans. I find that I am more likely to choose lower interest loans on recycled credits than the first time around.
I'm really not a fan of the stock market and mutual funds (2008 was pretty ugly), so if I can make a bit of interest through Zidisha in the long run that would be swell too, especially knowing that it has helped individuals REALLY change their lives.
I have begun 'diversifying' as well, in that I'm making smaller dollar amount loans to a larger number of borrowers instead...again, just in case of default.
Side note for those who have used the Kiva platform and have credits there, you might like to look into Kiva Zip at zip.kiva.org which is testing a Zidisha-like peer to peer format. Loans are currently 0% interest to the borrowers, and the conversations between lenders and borrowers I find to be quite lively and fun.
Question for you all: what has been your favourite part of Zidisha in your experience thus far?
Hi Beverly - thanks so much for the insight! We sometimes forget that this is still a risky lending proposition (i.e. non-collateral lending)
Does anyone know whether KIVA will consider operating in Haiti? I asked Zidisha and they haven't yet responded.
I just got back from Haiti today where I conducted micro-business training in English and Creole to 30 micro-entrepreneurs (19 women, 11 men) and they need funding ranging from USD 250 to USD 2000 to invest in Food and Transport sectors especially (which are always in demand as far as customers go).
I would love to be able to introduce them to our global community of crowd-funding lenders so they can become self-sufficient, improve their lives and those of their children and extended families.
Thanks for all you do. Go Team CANADA!
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