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Chaper 11

Enter the New York Times

 1. Neil McFarquhar, “Banks Making Big Profits From Tiny Loans,” New York Times, April 13, 2010.

 3. See, for example, Stephanie Strom, “Confusion on Where Money Lent via Kiva Goes,” New York Times, November 8, 2009.

 4. See pp. 12–13 of the 2009 Planet Rating: “The insufficient transparency in reporting to funders in December 2008, combined with the Nigerian economic crisis, detracted some potential investors in 2009 and contributed to a request for early repayment.”

 5. See, for example,

 7. See,1028.160.html.

 8. Lauren Smiley, “Kiva’s Microloans Underwriting Cockfighting in Peru,” SF Weekly, February 27, 2008.

 9. See Kiva Lending Team: Kivans Against Cockfighting Loans,

10. See the Skoll Foundation website,

11. Note the discussion at,3447.msg77346.html msg77346.

12. See, for example, the account at, together with a photo showing large bags of coca leaves.

13. Dave Algoso, “Truth in advertising: ChildFund, Kiva, and Bolsa Família,” Find What Works blog, September 10, 2010, See also “Disappointing: Kiva Is Hosting Loan-Sharks,” A Division by Zer0 blog,

14. See the Kiva Microfunds IRS Form 990 2009, p. 50,

16. Kiva Microfunds (A Nonprofit Organization) Financial Statements for the Years Ended December 31, 2010 and 2009, p. 16, available at

19. “Infoporn: Kiva’s Microloan Map of the World,” Wired (February 2012);


Kiva lending in 2010 was £45.5 million (not USD), suggesting that my figure is in fact conservative.

21. Reported at

22. See Triple Jump B.V. Financial Statements 2010,

24. See the Kiva partner web pages at and, respectively.

25. See the Kiva partner web page for ASI Federal Credit Union,

26. Reported on Kiva Microfunds IRS Form 990 2010, pp. 18–28,

28. Report on MiCredito,, July 7, 2011,

29. Available at

30. The latest statistics are at

31. See; also see the section entitled “Full-repayment frequency uncertainty.” just above the section on Bloodsports.

32. On

33. All emails are reproduced here.

35. “New York Times Article on Microfinance Interest Rates and Profits,”

36. See

37. Full press release on book website, or

38. See the Schwab Foundation Board of Directors,

39. See Grameen Foundation USA Board of Directors, Muhammad%20Yunus,%20Director,%20Emeritus.

40. Alex Counts, “What Is the True Cost of Microfinance,” Grameen Foundation,

41. Original press release on book website, removed from LAPO website.

42. The newsletter Connections (Fall 2007), removed from its website; copy on book website, or from MIX Market:

43. “LAPO: Case Study on Due Diligence by Microfinance Funders,” Givewell blog,

50. See; a preview of the documentary is available on this site.


52. The video footage of this question was provided by Tom Heinemann.

to download this video click here

53. BlueOrchard defence of LAPO investment

54. Nisha Koul, “Microcapital Brief,”, October 17, 2011,

55. See, as well as the footnote buried at the bottom of the website: “An initiative of The Center for Financial Inclusion at ACCION International.”


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