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Zvichanaka Group
In this Group: Fungayi, Edith, Josephine, Calisto, Shorai, Chido
Fungayi is 40 years old and single. She has two children aged 18 and 12 years; both of them attend school. She lives in Shurugwi, a small town near Gweru.

She is a cross-border trader and she sells footwear, blankets and clothes in the local flea market. She has got two employees. The business is affected by late payments from her customers, import duty, border hassles, competition and high transport costs. Fungayi has a brother who stays in Botswana who frequently sends her some money as additional income.

She wants to open her own shop and have many employees which will improve her standard of living.

Additional Information

About MicroKing Finance

MicroKing's loans are guaranteed against institutional default (failure of MicroKing to repay Kiva lenders if the borrower repays MicroKing) by MicroKing's parent company: Kingdom Financial Holdings Limited.

More About MicroKing
This loan is administered by MicroKing Finance, Kiva’s first partner in Zimbabwe.

MicroKing’s mandate is to provide financial services integrated with advisory services and targeted training to the under-banked but rapidly growing Zimbabwean micro-enterprise sector. The intent is to mobilize the underprivileged as active agents in fighting poverty as well as to accelerate the country’s journey back to economic prosperity where Zimbabwe was once known as the “bread basket of Africa.”

Zimbabwean micro-enterprises are generally run by women and comprise a multitude of business types. Constraints on local production and manufacturing capacity have led to cross-border trading being the most common type of business.

This is a Group Loan

In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.

Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.

About Zimbabwe

  • $2,000
    Average annual income
  • 0
    View loans »
    Zimbabwe Loans Fundraising
  • $3,458,725
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A portion of Zvichanaka Group's $2,400 loan helped a member to buy footwear, blankets and clothes.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 6, 2011
Listed
Oct 24, 2011
Currency Exchange Loss:
N/A
Ended:
May 31, 2012