Update on PaulPaul, now 29 years old, has been running his Zoona money transfer business for three years. He got his first Kiva loan last year and has fully repaid it. The loan helped Paul to grow his business. He was able to serve more customers and make enough commissions from his first shop to open another mobile money transfers shop in his hometown of Kabwe. Today, Paul now has three employees.
Paul is requesting a second loan so that he can open a third mobile money transfer outlet in his hometown and continue to grow his Zoona mobile money transfer business. He says the Kiva loan will help him satisfy the demand from his customers. Paul is the only Zoona mobile money agent in Kabwe and this puts pressure on him to always have money to serve customers. He would like to open a third shop to meet the growing demand and reduce some of the congestion that has accumulated at his two other shops. Paul will use his Kiva loan to purchase a trading booth, hire two more people, purchase two phones and add to his working capital.
Paul would like to thank his Kiva lenders for their assistance. As a young micro-entropreneur in Zambia, he says working capital finance is very difficult to find and therefore, he has appreciated the opportunity to be linked to Kiva lenders. He is now renting a better house closer to his town where his businesses are located.
Previous Loan DetailsPaul is 28 years old. He runs his own local mobile money transfer business which he has been running for one year now. He describes his business as simply the sending and receiving of money electronically. Currently, Paul does not have enough working capital. He is not able to serve customers who... More from Paul's previous loan »
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.
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Success!! The loan was 100% repaid