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Update on Coster

Coster has requested a third loan from Kiva so that he can open a second mobile money transfer shop. This is the update that he sent in:

Dear lenders,

I am doing well in my business; the loans you gave me helped expand my business. I started to sell airtime, and this gave me some new customers. I took the chance to market the money transfers business to the walk-in airtime customers, and this has helped me have more customers.

I am asking for another Kiva loan so that I can open another shop. I will use the money to buy a new booth and cell phone and fund all my start-up costs. I have been encouraged by how my business has grown in the last months, and I am sure that opening another shop will help me to earn more commissions.

I am working very hard because I would like to own my own house someday. I am hopeful that, once I open another shop, the combined profits will put me in a position where I can be able to build my own house and continue to pay for my children’s school fees.

Previous Loan Details

Coster would like to thank his Kiva lenders for the help they gave him in raising his first loan. He says the loan helped his business earn more profits because he was able to serve customers much faster, due to the added working capital. Today, Coster is taking out another loan because he ha... More from Coster'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 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.

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
  • 18
    View loans »
    Zambia Loans Fundraising
  • $1,185,400
    Funds lent in using Kiva
  • 5.3
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $4,675 helped Coster to buy a new booth and cell phone and fund all his start-up costs for a new mobile money transfer shop.
100% repaid
Repayment Term
51 months (Additional Information)
Repayment Schedule
At end of term
Jul 4, 2013
Jun 10, 2013
Currency Exchange Loss:
Jan 17, 2014
This photo was used before for a previous loan for Coster. It was first posted on Kiva on Feb, 2013. Learn More