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Mugwagwa1 Group
In this Group: Kerita, Shelter , Shumirai, Faides, Petina, Lilian

Update on Mugwagwa1 Group

Kerita is 27 years old, single, and has one child, aged 8, who attends school. She has been in business for 3 years and has no employees. She sells clothes and shoes and buys her products from Botswana. Her business is situated at the local market in town. She has no other dependents besides her child, and no other source of income.

She faces the challenge of counterfeit notes, brought by some customers, which is a loss to the business. She would like to own various shops around the country. This loan will help her improve her home and provide for her child's needs.

Previous Loan Details

Kerita is 27 years old, single, and has one child, aged 7, who attends school. She has been in business for 2 years and has no employees. She sells clothes and shoes and buys her products from Botswana. Her business is situated at the local market in town. She has no other dependents besides her ... More from Mugwagwa1 Group's previous loan »

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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

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
  • 0
    View loans »
    Zimbabwe Loans Fundraising
  • $3,297,650
    Funds lent in using Kiva
  • US Dollars
    Loan transacted in USD

Success!! The loan was 100% repaid

A portion of Mugwagwa1 Group's $2,400 loan helped a member to purchase clothes and shoes.
100% repaid
Repayment Term
8 months (Additional Information)
Repayment Schedule
Monthly
Pre-Disbursed:
Apr 27, 2012
Listed
May 19, 2012
Currency Exchange Loss:
N/A
Ended:
Nov 20, 2012
This photo was used before for a previous loan for Mugwagwa1 Group. It was first posted on Kiva on Dec, 2011. Learn More