Kiva's system of person-to-person borrowing may be fictional, the New York Times reports. The group's Web site promoted that lenders are lending to a specific entrepreneur, but David Roodman of the Center for Global Development said the fine print shows that members are actually lending to organizations and not individuals.
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About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.
