Update on EdsonEdson operates a successful Zoona mobile money transfer business. He is very excited to be taking out his third Kiva loan. From the time he received his first loan in 2012, Edson’s business has grown significantly. He has purchased additional equipment like a trading booth to better serve his customers. With his working capital loans, he has been able to offer additional services to his customer base such as mobile airtime. He also opened another outlet in his hometown of Chililabombwe. He says all this growth would not have been possible without the working capital assistance from Kiva lenders.
Now, Edson is requesting his third loan so he can increase his floating capital at his two shops. He explains that the business of mobile money transfers is one that requires a lot of money on hand because as the business grows, the number of customers also increases; hence, the need for more money to serve the growing customer base. This loan will help him reach more customers and scale his business even further.
This picture was taken at Edson’s new trading booth.
Previous Loan DetailsEddie is very happy for the opportunity to get a second Kiva loan. He used his first loan to add on to the little working capital that he had, and this enabled him to serve customers much faster and earn more profits from his mobile money transfers business. From the time that he got his Kiva loan,… More from Edson'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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