Jimmy has been selling car spare parts for five years now. He added mobile money transfers to his line of business two years ago. Being a Zoona mobile money transfer agent means that Jimmy offers the service of sending and receiving money to his community. He gets his profit every time a customer uses the service at his shop. He says being a Zoona mobile money transfers agent has helped him grow as a businessman in his town. When asked what his biggest challenge is, he sites the lack of working capital. He says the saddest part is that, when he runs out of cash at his shop, he has to make his customers wait, while he goes out to look for money and in some cases ends business..
He is grateful for the opportunity to get a Kiva loan, as it will help boost his working capital and he will earn more profit. He thanks the Kiva lenders.
In this video, a representative from Zoona interviews Jimmy.
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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Success!! The loan was 100% repaid