We’re excited to announce that Kiva and Vittana, a pioneer of higher-education loans in the developing world, are launching an unprecedented partnership that will amplify the reach and impact of crowdfunded loans to students.
Vittana’s student loans will be redirected to the Kiva website for crowdfunding starting April 2, 2014. Kiva’s platform will allow Vittana’s microfinance partners to access greater amounts of crowdfunded capital and expand their capacity to provide higher-education student loans.
The partnership also allows Vittana to focus their efforts on technical assistance for both student applicants and microfinance institutions. The remaining loans posted currently on Vittana’s site will be active throughout the launch until the end of March as crowdfunded donations rather than loans.
Vittana currently identifies regions where the economic climate is growing and developed enough that students will be able to find employment after graduation and partners with local lenders to create loans that enable students to complete their education. With an average loan size of $750 and a repayment rate of 99%, Vittana graduates increase their income by an average of 93%, helping lift them and their families out of poverty. In 2014 Vittana and Kiva expect to reach more than 20,000 students as they launch in new regions including India, Kenya, Mexico, and continue to scale in existing countries.
Vittana’s CEO, Robin Wolaner, is incredibly hopeful about the new partnership’s promise.
“Kiva and Vittana believe that education doesn’t just lead to employment,” Wolaner said. “Through education we can empower the youth of the world to alleviate poverty, gender inequality, violence, malnutrition, pollution and many of the other battles constantly faced around the world – nourishing a virtuous cycle of change.”
To learn more about supporting student loans visitors go directly to kiva.org/vittana
and join the crowdfunding movement that will enable thousands of students to attend college.