No, in that the delay isn't Kiva; some loans I contributed to later than one of the Kenyan ones got disbursed first and have already had payments made on them by the borrowers. It's definitely the local microfinance institution in Kenya that's slow. However, the date of money transfer between Kiva and the loal MFI isn't told to me.

Yes, in that most Kiva loans are put together over the course of multiple donations. So between the time the first person puts $25 toward a loan and the time the loan is fully funded, Kiva is unavoidably sitting on some money. But I don't know what they could do about that.