Lesson one: Lending to refugees isn’t risky, it’s transformative

With global refugee and forcibly displaced populations (IDPs) surpassing 122.6 million, biases about financial risk continue to block refugees and IDPs from accessing the capital they need to rebuild their lives. In 2016, Kiva began to extend loans to refugees—a population often excluded from traditional financial systems due to this perceived risk. The results challenged long-held assumptions: of the 466 refugee clients in the pilot program, data showed a 99.71 percent repayment rate, far exceeding the expectations of those who believed that refugees represent a riskier market segment. 

This success encouraged further innovation. Thanks to the risk-tolerant nature of Kiva’s platform and the commitment of dedicated supporters around the world, in 2019 Kiva presented a letter of guarantee that enabled UGAFODE, a financial institution in Uganda, to create a refugee pilot program and begin lending to refugees. UGAFODE has since opened over 5,000 savings accounts among refugee and host communities.

Determined to find further evidence of the power of investing in refugees, Kiva launched the Refugee Investment Fund in 2021, an investment fund that pays a return, of which UGAFODE was an initial investee. Together with crowdfunded loans across Kiva.org, these efforts have since expanded to reach over 200,000 refugees and people impacted by forced displacement in 21 countries, connecting them with the capital needed to rebuild their lives and contribute to local economies. Refugee borrowers have also continued to demonstrate repayment rates nearly identical to those of non-refugee borrowers.

The Conrad N Hilton Foundation further invested in the program's success by supporting capacity building to open service centers in refugee camps across Uganda with Kiva and UGAFODE. UGAFODE now considers refugee lending a strategic business priority, underscoring how financial access can reshape perceptions and create long-term economic stability and growth opportunities.

As in the case of UGAFODE, foundations partnering with Kiva play a pivotal role in scaling these efforts, helping transform financial inclusion for displaced populations into a global movement for equity and opportunity.

Lesson two: True impact starts with women at the center

To date, Kiva has supported over 4 million women in 94 countries. Yet this support is not enough; long-term and sustainable impact requires change at the systemic level. 

Creating meaningful change requires more than increasing women’s access to capital—it demands transforming the institutions that serve them and ensuring women hold a seat at the decision-making table. 

Kiva’s theory of change is clear: organizations with gender-smart workplace practices and policies not only better serve women clients but also drive greater financial resilience and economic growth. Friendship Bridge in Guatemala exemplifies this transformative impact. 

A key Kiva partner, Friendship Bridge has embedded gender equity into its operations, with women holding more than 50% of staff and leadership positions. The ripple effects are undeniable—95% of its clients across all genders report improved financial management skills, and 89% have increased their business income. These results prove that gender-smart workplaces aren’t just equitable; they are catalysts for stronger businesses, thriving communities, and sustainable progress.

Friendship Bridge’s success reflects the impact of Kiva’s GEAR (Gender Equity Assessment and Results) framework, which empowers financial institutions to create environments where women aren’t just served—they lead. By fostering gender equity within organizations, GEAR drives outcomes that go beyond access to capital. For women, financial inclusion means more than resources—it’s a pathway to leadership, economic growth, and stronger, more resilient communities.

Lesson three: Support underserved business owners and see communities thrive

1 in 4 adults in the U.S. is unbanked, and this number increases for marginalized communities.  Marginalized entrepreneurs in the United States face systemic barriers that limit access to traditional financing, often leaving their potential untapped.

Kiva bridges this gap by offering accessible, zero-interest loans that don’t require a credit history. Through character-based lending, a crowdfunding process that uses social underwriting to evaluate a borrower’s character and community standing, small business owners who might not qualify through traditional lenders can access the capital they need.

The outcomes prove the model works. A recent 60 Decibels study of Kiva loan recipients in the U.S. revealed that four out of five saw significant business improvements after receiving their Kiva loans, with 65% reporting their business revenue increased. 

Kiva’s work in the U.S. fosters vibrant local economies by equipping entrepreneurs to strengthen their communities through the services, goods, and employment opportunities they provide. For foundations, partnering with Kiva provides an impactful avenue to address economic inequality, bridge the financing gaps, and build long-term resilience in underserved regions.

Lesson four: To fight climate change, fund the frontlines

While much of the global effort to address climate change has been focused on reducing emissions, the devastating, real-time effects on low-income communities are often overlooked. Lacking the resources needed to adapt, these communities are among the most vulnerable to climate shocks. Kiva works with partners and social enterprises around the world to channel funding directly to these communities, supporting innovative solutions that build climate resilience, adaptation, and mitigation.

CAURIE Microfinance in Senegal, for example, has integrated climate-smart practices into its lending operations with support from Kiva. By offering loans for sustainable agriculture, such as drip irrigation systems, solar energy products, and organic fertilizers, and training farmers in climate adaptation, CAURIE is enabling communities to safeguard their livelihoods against climate shocks and increasing the economic stability of farming households.

ATEC, a social enterprise providing clean cooking solutions that both mitigate carbon emissions and safeguard family health, has scaled its operations through Kiva’s crowdfunding platform. Transitioning the 4 billion people who still cook with wood to modern, decarbonized cooking methods is estimated by ATEC to reduce global emissions by 1 gigaton, surpassing the emissions produced by the entire airline industry. 

To achieve their goals at scale, ATEC harnesses Kiva’s crowdfunded loans to both finance cookstoves for individuals and support the social enterprise’s expansion into new territories. This growth eventually led to a $3.75 million Series A funding round, co-led by Schneider Electric Energy Access Asia (SEEAA) & Spark+ Africa Fund, showcasing how accessible capital can unlock further opportunities for climate-focused enterprises.