Tamara is 22 years old and is excited to be expecting her first child. All her life she has lived in Lusaka, but now she runs her own mobile money transfer business in a small town called Kafue.
Tamara first got started working as a money transfer teller in her brother-in-law’s shop when she was 19 years old. She worked there for over two years and got to know everything there is to know about the business. She then underwent an intense training period and in September 2011, she was given her own shop to run in Kafue.
This was only the beginning. She has grown into a full-blown business woman who goes above and beyond to make sure her customers are happy. Her customers benefit from her business because there is no need to open an account. She is also located right in the heart of Kafue so customers do not have to go far to do their money transfers.
Her biggest business concern is that she is not able to give her customers the fastest possible service because she has problems accessing the internet due to the poor signal at her shop. She also worries about sometimes having to ask her customers to wait, as she rushes to the bank and back, to get money to serve them.
Tamara is sure that a loan from Kiva will change her business because it will give her the money she needs to buy a computer and increase her working capital.
Her hope is for her business to start making more profit by the time she has her baby.
In her video, Tamara is being interviewed by a representative from Mobile Transactions.
More information about this loan
This loan is a combination of the following:
1) Capital Growth Loan: an asset-based loan provided to both existing and new Zoona agents for setting-up or expanding their mobile transactions business. Part of the amount is an in-kind loan to enable agents to acquire assets for their mobile transaction business. For existing agents, the loan is designed to inject medium-term working capital assistance to purchase additional assets or expand to new locations thereby helping their businesses grow.
2) Electronic Float Advance: short-term liquidity assistance to qualifying Zoona agents to allow them to make mobile money payments when their electronic balance is too low to meet their immediate business needs.The loan is intended to provide borrowers with a boost to their electronic float to allow them to handle more revenue generating transactions and also give them a means to support transactions during peak demands. The borrowers will be able to draw down their electronic advance on a per-transaction basis. There are no monthly repayments, rather the borrowers will earn less commission on per transaction basis on the funds utilized from the advance.
Repayments will include fixed monthly repayments for the Capital Growth portion and a bullet payment at the end of an 18-month term for the electronic float advance.
Zoona is a mobile money operator that invests in emerging entrepreneurs in Africa who are transforming their communities.
In Africa, there is a tremendous pool of entrepreneurs, business owners, and young people who dream of making money and serving their communities but who are struggling to find the resources and support to reach their full potential.
Zoona offers entrepreneurs an opportunity to build their own businesses and create wealth and employment through mobile payment solutions, financial services, business management tools and support.
The network of Zoona outlets in urban and rural areas enables unbanked and financially excluded individuals the ability to transact in an easy, quick and safe manner with family, friends, and other service providers. This is a step change improvement in countries like Zambia, where the majority of transactions are still conducted in cash and are thus inefficient, insecure, and expensive. Zoona's unique model of enabling emerging entrepreneurs to provide mobile money services to consumers has the potential to significantly push the boundaries of financial inclusion in Africa.