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Gwendoline

Update on Gwendoline

Gwendoline operates a small mobile money business that provides a service for her community to safely transfer money throughout Zambia. She is 22 years old and has a four month old son. This will be Gwendoline’s second loan.

Gwendoline used her first loan to add working capital to her outlet so she could serve more customers. With her increased profit, she reinvested to open an additional shop in a nearby residential area in Lusaka. Owning and operating two shops has made Gwendoline very happy.

The reason for Gwendoline’s second loan is to improve the service at her second shop. The shop has the potential to service more customers but she needs additional working capital to meet the increased demand for her mobile money service. Gwendonline is always striving to grow her business so she can earn more profit and provide for her growing baby.

Previous Loan Details

Gwendoline is 22 years old. She is married and lives in the busy town of Lusaka, Zambia. She is expecting her first child. She runs a mobile money transfer business in the city centre. Gwendoline is a hard working woman who has been able to increase the commissions she receives from the money... More from Gwendoline'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.

Tags

About Zambia

  • $4,100
    Average annual income
  • 3
    View loans »
    Zambia Loans Fundraising
  • $1,087,775
    Funds lent in using Kiva
  • 5.3
    Zambia Kwacha (ZMW) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $1,900 helped Gwendoline to grow her mobile money transfer business and serve more customers in need of financial services.
94% repaid
Repayment Term
34 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
Nov 23, 2013
Listed
Nov 1, 2013
Currency Exchange Loss:
Possible
Ended:
Sep 22, 2014
This photo was used before for a previous loan for Gwendoline. It was first posted on Kiva on Jun, 2013. Learn More