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Sandra

Update on Sandra

Sandra is a 26 year-old mother of one. She got her first Kiva loan a year ago and has grown her business by 100 percent. She finished paying off her loan in August of 2012 and has since opened two more mobile money transfer shops in her hometown of Kitwe. She now has seven employees in total. Today, Sandra is taking out a second loan so that she can be able to finance her third shop. She will use this loan as working capital to serve customers who come to send and receive money from her new shop.

Sandra believes her business has been successful because she treats her employees right by giving them targets every month and giving them incentives on top of their monthly salaries. She says running a business is not easy but if you treat people right, then they will take enough ownership and do their jobs right.

When asked what she would like to say to the Kiva lenders, Sandra says the assistance from her lenders has changed her business. By increasing her working capital, Sandra says she was able to serve more customers and earn a lot of profits. The profits helped her to have a successful wedding and buy necessities for her newborn son. She is very grateful.

Previous Loan Details

Sandra is 25 years old and runs her own mobile money transfer business in the busy town of Kitwe, Zambia. She currently has three young women working for her as tellers to help her serve her many customers. Sandra first started off as an employee of Mobile Transactions. Though she never saw h... More from Sandra's previous loan »

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 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.

Concurrent and Successive Loans

Our Field Partners often work with borrowers over a series of loans as the borrowers build credit, take out bigger loans, and expand their businesses. In order to make it easier for our Field Partners to post loans for borrowers who have been listed on Kiva before, we allow them to post successive and concurrent loans for their Kiva borrowers. This means that our Field Partners are able to post a borrower's second, third, etc., loan on Kiva without having to re-enter all of the borrower's information.

This borrower has been listed on Kiva before, so you'll see an updated loan description, as well as excerpts of the original descriptions from earlier loans. Most borrowers take out loans consecutively, meaning that they receive a second loan after having repaid the first. However, sometimes our Field Partners give out concurrent loans, allowing borrowers to take out one primary loan and a secondary "add-on" loan along with it. These "add-on" loans are typically smaller than the borrower's primary loan and serve a different purpose. Because Field Partners can now post loans as successive and concurrent loans, you will be able to track borrower progress over time and see the various ways a borrower is working with our Field Partners through funds from Kiva’s lenders.

About Zambia

  • $4,100
    Average annual income
  • 4
    View loans »
    Zambia Loans Fundraising
  • $1,087,775
    Funds lent in using Kiva
  • 5.4
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $950 helped Sandra to serve customers who want to send and receive money from her new mobile money shop.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
May 7, 2013
Listed
Apr 6, 2013
Currency Exchange Loss:
Possible
Ended:
Jun 18, 2013
This photo was used before for a previous loan for Sandra. It was first posted on Kiva on Feb, 2012. Learn More