What is your background?
My name is Ronny. I have two children, aged six and four years old. I am married and my wife runs a farm. When I competed high school in 2002, I did not have money to go to college and so I sold small things in the streets. Street-vending made me the person I am today because I came to learn a lot of things about life and about business.
What will you use the Kiva loan for?
I will use the Kiva loan to add to my operational capital, so that I can be able to serve customers who come and send and receive money from my shop.
What do you love about your business?
I love every aspect of running my own business, especially the fact that it has made me more sustainable. I am now able to provide for my family. It is also nice that I run a business that provides a service to all kinds of people.
What are the challenges that you face in your business?
So far, my business lacks enough working capital. Monze, as a town, has grown and clients have increased with its growth. So, with a small operating capital, it is very hard.
How does your business benefit customers in your community?
My business provides the quickest, easiest, and safest way of moving money in my hometown.
What are your hopes and dreams for the future?
My greatest dreams are to grow into the largest money transfer agent in Monze and to provide services to the expectations of my clients, and Zoona, which provides the platform.
How will the loan help you?
The Kiva loan will help to boost my operating capital, so that I do not run out of cash whenever my clients need it.
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.
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.