Laston likes to describe his business as the service of sending and receiving money from one location to another in Zambia. He started operating the business as a way to provide for his family and empower his wife. Laston enjoys the business because it is an opportunity for him to serve his community. He enjoys interacting with all the customers from different walks of life that do business at his outlet.
The reason for Laston’s loan request is his big challenge of having very little working capital to service his customer base. When customers want to send large amounts of money, he cannot serve them. It also makes operations difficult because he is always running back and forth to the bank to maintain enough cash to serve customers. This Kiva loan will enable Laston to more than double his working capital float and in turn, serve more customers. This will bring his business additional profit as well.
Laston’s dream is to take care of his family and educate his children. He would like his kids to have the education that he never had the opportunity to receive. Laston believes if he can grow his business this dream will become reality.
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.
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