Kombelwa is 24 years old and lives in the town of Chambeshi, which is located in the Copperbelt Province of northern Zambia. She lives with her husband and one-year-old daughter in a one-bedroom house. Her husband works as an underground miner.
Kombelwa has set up a Zoona mobile money transfer business to help provide for her family. Her husband does not earn much income at his job so Kombelwa has taken the initiative to start her own business to provide additional income for the family. Kombelwa is requesting a Kiva loan to purchase a trading booth for her business. Currently, she does not own a booth and does not have the necessary capital to purchase one without a loan. She will use the rest of the loan as working capital for her shop so that she can serve more customers
Kombelwa has big aspirations for her family’s future. Her goal is to grow the business and become a successful businesswoman who earns a stable income. This will enable her to take control of providing for her family’s needs.
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.
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.