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Meet 25-year-old Francis; he owns a mobile money transfer business in Nakonde district. His shop is located on the border of Zambia and Tanzania. The town where his shop is located is one of the biggest border towns in Zambia, with a high traffic of business taking place. This is his story....

My name is Francis. I am 25 years old. I have two brothers, and one sister. I started running my own business while I was in school. I had a camera that I would use to take pictures of people; then I would develop the pictures and sell them. This helped me to raise money to pay for my school fees. When I completed high school, I worked in a shop as a shopkeeper, and continued to take pictures in my spare time. Through my job and photography business, I was able to raise enough money to open my own mobile money transfers shop in Nakonde, a border town.

My mobile money transfer business gives me the pleasure to associate with different people. I enjoy the comfort of running the business without being answerable to anyone but myself. I have clear goals and expectations of what I want to achieve. When it comes to my customers, I believe that they benefit from my business because it helps them send money to their distant relatives, such as children in schools, colleges, etc. They are also able to buy mobile phone airtime from my shop.

I am appealing to you, Kiva lenders, to help me with this loan. I will use the loan as the working capital float for my business. Currently, I have very little working capital, which slows down my transactions. My business is located at a border town, and as such the demand is very high, and sometimes I have to keep customers waiting because I have no cash to satisfy them. Once I get the loan, I believe that the growth of my business will be evident because I will have money readily available for my customers who want to receive money. This will help me to earn more commissions. The commissions are heavily dependent on how many customers I serve.

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
  • 5.4
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,975 helped Francis to have enough working capital float so that he can serve all the customers who want to receive money from far-away senders.
100% repaid
Repayment Term
38 months (Additional Information)
Repayment Schedule
At end of term
May 7, 2013
Apr 6, 2013
Currency Exchange Loss:
Feb 17, 2014