Owen is a person who has grown in business. Before he had his own mobile money transfer shop, Owen worked for his father. He says working for his father taught him how to give customers the best possible service and how to develop friendships, both of which he says are important to making his business work. When Owen is not at his shop he is often found at church where he is a part-time pastor.
Owen’s business is located very close to the harbor. He says most of his customers are fishermen and rice growers who normally use his service to send and receive money for business purposes and for their children’s school fees among other things. He is convinced that his customers love his business because it is convenient to use and cheaper than other money transfer services.
When asked what challenges he faces in his business, he cites low working capital as the major one. This, he says, is particularly a challenge when he has a lot of people who want to transact with him. However he is hopeful that once he gets a Kiva loan, he will be able to have more money in his business and be able to do more transactions. This will bring him a lot of joy because it will mean never having to ask another customer to wait to be served.
Being the first born in his family, Owen wants to lead as a role model for his younger siblings by succeeding at his business, and earn profits which he can use to send them to school.
In the video, a representative from Mobile Transactions is interviewing Owen.
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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