Mashekwa describes his business as the cheapest and easiest way for people to send and receive money to their loved ones. He says the services he offers have been well received in Maamba because his business is welcoming and as such he has been able to integrate very well in the community. From the time he started, Mashekwa has increased the number of customers he has each day from 10 to 20. The number of customers he can have in a day is limited to the amount of working capital he has. This means that Mashekwa is not able to serve customers who want to send or receive money that is larger than his working capital of $500. This means that Mashekwa loses out on profits and disappoint his customers.
He has hopes of seeing his business grow to greater heights. Someday, he would like to open more mobile money transfers outlets in other rural areas.
When he gets his Kiva loan, he would like to use the money to increase his working capital. This will enable him to make more profit to send home to his parents.
More information about this loan
This loan is designed for Zoona agents, enabling them to access the working capital they need to process frequent and large mobile money transactions. Loans can also be used to help agents open new transaction booths to serve more customers, increasing the number of Zambians who have access to mobile banking technology.
Kiva loans are structured so that a percentage of an agent's monthly revenue is used to repay. Because the exact amount of these repayments is uncertain, we have structured this loan's repayment schedule to include just one payment at the end of the loan term. That said, lenders can expect to receive payments throughout the loan term as this agent earns revenue and pays back the loan.
About Zoona: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.
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This loan has been fully funded!