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Matuka Group
In this Group: Simeon, Netsai, Epiphania, Eunice, Sofia, Svodai, Mektilda, Temba, Manasa
Simeon is 45 years old and stays in Masvingo. He is married with four children aged 24, 21, 16, and 12. All of his children go to school. His wife has her own flea market stand. They do not have other dependents living with them.

He has been operating his flea market stand at the Garikai Flea Market for the past eight years. He buys some of his products locally as well as from Harare. He and his wife work at the flea market. The challenge they face in their business is of exchange rates which always fluctuate. There is a lot of competition at the market. Simeon has applied for US$200 to buy materials, clothing and vegetables for sale at his stall.

He hopes to provide a better life for his family from the profits. In the next five years, he is planning to have his own shop in town.

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

  • $400
    Average annual income
  • 11
    View loans »
    Zimbabwe Loans Fundraising
  • $3,271,800
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A portion of Matuka Group's $2,200 loan helped a member to buy materials, clothing and vegetables.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Oct 25, 2011
Listed
Nov 6, 2011
Currency Exchange Loss:
N/A
Ended:
Aug 1, 2012