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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 has… More from Coster's previous loan »

Additional Information

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.

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

  • $1,800
    Average annual income
  • 0
    View loans »
    Zambia Loans Fundraising
  • $849,100
    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