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Update on Mark

Mark 31 has been running his business for four years now. This is his second Kiva loan. His first loan helped him to get his business started. Today, Mark is taking out a second Kiva loan so that he can increase working capital float and serve more customers.

Mark's business is helping customers send and receive money throughout Zambia. His business is highly dependent on how much working capital float he has, in order to process customer transactions. Currently he does not have enough to help all of his customers and he is constantly having to re-balance between his electronic balances and cash balances. This is made even harder by the fact that there is only one bank in Mwandi village and it takes about 24 hours for him to get his money once he sends it to the bank. This means that he cannot serve as many customers as he would like to. He loses out on profit.

Mark is excited to continue to offer mobile money services to his community. He says the support from Kiva has helped his to start and grow his business and improve his quality of life. His daughter is now in grade eight at a good boarding school and he is able to pay school fees from his Zoona money transfer profits. He would like to thank Kiva lenders.

Previous Loan Details

Mark is 30 years old. He is married and has a 12-year-old daughter. He owns a grocery shop and offers mobile money transfers in Mwandi, a village located in the southwestern corner of Zambia. Mark says he loves running his business because he likes bringing new products to his customers. One ... More from Mark'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 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

  • $4,100
    Average annual income
  • 5
    View loans »
    Zambia Loans Fundraising
  • $1,122,525
    Funds lent in using Kiva
  • 5.5
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $2,025 helped Mark to grow his Zoona business by increasing his working capital float so that he can serve more customers.
100% repaid
Repayment Term
21 months (Additional Information)
Repayment Schedule
At end of term
Aug 22, 2013
Jul 29, 2013
Currency Exchange Loss:
Apr 18, 2015