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Update on Jimmy

Jimmy is 40 years old and lives in Lundazi with his wife and three children. He operates a small mobile money business. In order to continue to grow his business, Jimmy is requesting a second Kiva loan.

Jimmy has successfully paid back his first Kiva loan, which enabled him to increase his working capital to serve more customers. Now, Jimmy is adding new services like mobile airtime sales to his shop and needs additional working capital in order to do so. Jimmy is thankful for the opportunity to access a loan through Kiva because securing working capital still remains a major challenge in growing his business.

As Jimmy adds new services to his mobile money business he anticipates he will gain new customers. This will help him earn more profit. With his increased earnings Jimmy hopes to provide a good education and better life for his children.

Previous Loan Details

Jimmy is 40 years old. He is married and has three children. He runs his mobile money transfer and auto spare parts businesses in his hometown of Lundazi, a town in eastern Zambia near the border with Malawi. Jimmy has been selling car spare parts for five years now. He added mobile money tran... More from Jimmy'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.

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About Zambia

  • $4,100
    Average annual income
  • 0
    View loans »
    Zambia Loans Fundraising
  • $1,058,000
    Funds lent in using Kiva
  • 5.3
    Zambia Kwacha (ZMW) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $950 helped Jimmy to add to his working capital, which will allow him to serve more customers sending and receiving money at his shop.
94% repaid
Repayment Term
20 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
Oct 25, 2013
Listed
Oct 4, 2013
Currency Exchange Loss:
Possible
Ended:
Dec 17, 2014
This photo was used before for a previous loan for Jimmy. It was first posted on Kiva on Nov, 2012. Learn More