My name is Alfred. I am married with 6 children and I have 7 grandchildren. I run a shop in my hometown of Kazungula. My shop deals in mobile money transfers and stationery supplies.
Mike Quinn, who is now the CEO at Zoona, introduced me to the business of Mobile money transfers back in the year 2009. I started the business with a capital of about $500. Today, my working capital has increased to $2000. I have seen the growth and I am very proud of the business.
As Kazungula is a border town, my customers are mostly truck drivers who send money to their families. I also have a lot of businessmen who come to get their cars at the border, and have to pay duty. I have to send some of them away because at the moment, my working capital is only $2000 and they normally need to receive huge sums of money. This makes me sad because I lose out on a lot of profit.
When I get the Kiva loan, my working capital will increase and I will not have to send too many people away. The loan will also help me to keep the stationery stock levels high.
I am very grateful for the chance to be on Kiva because it is very difficult to get a loan in Zambia. I know this will improve my family’s standard of living. I look forward to getting another Kiva loan once I finish paying this one. Thank you.
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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Success!! The loan was 100% repaid