Muyoyeta did not complete his high school education due to financial constraints, but this has not stopped him from trying. Now that he owns his own business, he has started attending evening classes so that he can get his high school diploma and set a good example for his son.
He has lived in the town of Kalabo all his life. He says he is happy to finally be able to offer his hometown a way of sending and receiving money that is easy, safe and affordable. When asked what challenges he faces in his business, he points to the fact that he does not have enough working capital to satisfy his customers. He goes on to explain that this is especially a challenge for him because his hometown of Kalabo has no banking services, and so when he runs out of cash, he has no choice but to electronically send all his working capital to a nearby town called Mongu, and have someone send some cash to him via a speed boat. This can take about two hours and he is charged a fee of K 50,000 (about $10). This is money that is meant to be his profit. He fears that should it happen that a boat capsizes, he would lose all his working capital.
Muyoyeta is hopeful that once he gets his Kiva loan, he will be able to serve more customers without the risk of losing all his money and earn more profits to help him finish his education and give a better life to his young family.
In the video, Muyoyeta is being interviewed by a representative from Mobile Transactions Zambia.
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. By supporting this loan, you’re helping an entrepreneur set up or expand their business.
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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