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Update on Angela

Angela is 31 years old and engaged to be married. She has two young girls, ages 6 and 9. She has been operating her Zoona mobile money business since 2011. This will be Angela’s third loan.

Angela’s business has come a long way since 2012. Back then, she was struggling to serve customers because of a lack of working capital. She was not making enough money to care for her children, who were living 9 hours away in Lusaka with their grandmother.

Then Angela received her first Kiva loan. This solved her working capital problem, and she was able to serve more customers and earn more income. This allowed her to bring her children home to Solwezi which made her very happy. Presently, Angela’s business has grown and become more successful. She has set up three additional outlets and employs six people to help with her business. This makes her very happy to have a positive impact in her community by providing a good service as well as jobs.

Angela’s third loan will help her to continue to scale her business. She will be able to operate her outlets more efficiently with the additional capital to service customers. She explains how the growth in her business has translated into more people in the community visiting her shops for money transfers. This increased demand is good but requires her to have more capital to service the need.

Angela’s biggest dream is to one day build her own house and see her young kids get a good education that will open up many opportunities for them. She is hopeful this dream will become reality through her growing business.

Previous Loan Details

Angela is a hardworking single mother of two girls. She has been running her mobile money transfers business for nearly four years and now has two outlets in Solwezi. She is requesting a second Kiva loan so that she can continue to grow her business. Even though Angela has enjoyed some succes... More from Angela'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.

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

  • $1,800
    Average annual income
  • 17
    View loans »
    Zambia Loans Fundraising
  • $912,325
    Funds lent in using Kiva
  • 5.3
    Zambia Kwacha (ZMW) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,850 helped Angela to fund her existing mobile money shops and serve customers in need of financial services more efficiently.
92% repaid
Repayment Term
35 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
Dec 4, 2013
Listed
Nov 14, 2013
Currency Exchange Loss:
Possible
Ended:
Nov 20, 2014
This photo was used before for a previous loan for Angela. It was first posted on Kiva on Jul, 2013. Learn More