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Mark is 30 years old. He is married and has a 12-year-old daughter. He owns a grocery shop and offers mobile money transfers in Mwandi, a village located in the southwestern corner of Zambia.

Mark says he loves running his business because he likes bringing new products to his customers. One of the products he offers in his grocery shop is mobile money transfers. This is the sending and receiving of money. He has been offering this service for two years now. His customers are mostly local fishermen and some officials from the king’s palace.

Mark is very grateful for the opportunity to be on Kiva and possibly get his loan funded because he is not able to get a loan from a commercial bank. This is due to the fact that his hometown of Mwandi is under customary laws and therefore his shop has no title deed, which is a requirement for banks to issue loans.

When Mark gets his loan, he would like to expand his business by opening another grocery and mobile money transfer shop in a nearby village called Sichili. He is convinced that this will help him grow his business, because there are a lot of people who come to his shop wanting to send money to Sichili but there is no mobile money transfer outlet there.

Mark thanks the Kiva lenders.

Additional Information

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 provide underserved communities with financial inclusion. 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. Kiva loans made through Zoona provide mobile banking service agents with funding for fixed asset purchases, setup expenses, and working capital float to ensure resources to manage cash in/out transaction requests.

About Zambia

  • $4,100
    Average annual income
  • 20
    View loans »
    Zambia Loans Fundraising
  • $1,185,700
    Funds lent in using Kiva
  • 5,261.9
    Zambia Kwacha (ZMK) = $1 USD

Success!! The loan was 100% repaid

A loan of $975 helped Mark to open another shop in a nearby village.
100% repaid
Repayment Term
14 months (Additional Information)
Repayment Schedule
At end of term
Nov 29, 2012
Oct 31, 2012
Currency Exchange Loss:
Oct 17, 2013