Update on CosterCoster is 45 years old and married with four children. He also takes care of three relatives between the ages of 7 and 24 years.
Coster provides financial services to people in his community by offering mobile money transfers. He works from 8:00 a.m. to 8:00 p.m. every day except for Sundays. Currently, he employs eight people. He has four years experience in the business.
This is Coster’s fourth loan from Kiva. He would like to take this opportunity to thank his lenders for helping him grow his business. The previous loans allowed Coster to be able to add new products to his business. He also has been able to grow the number of outlets he currently operates from three to five. Furthermore, Coster has been able to grow his working capital and serve more customers sending and receiving money from his shops.
With some of the profits from his business growth, Coster has began building his own house, which is much bigger than the house he currently rents. He also emphasizes how the previous loans have helped him pay his children's school fees on time. He has repaid all the previous loans in good standing.
Coster has requested another loan from Kiva in order to open his sixth outlet near the army camp. He has identified a good location and is confident that once he sets up there, his new outlet will be profitable and provide an easy service to the army men and women who need financial services to send money home. He will use the money to purchase a trading booth and serve his new customers.
He plans to use the profits from his growing business to complete building his family’s home.
Previous Loan DetailsCoster has requested a third loan from Kiva so that he can open a second mobile money transfer shop. This is the update that he sent in: Dear lenders, I am doing well in my business; the loans you gave me helped expand my business. I started to sell airtime, and this gave me some new custo... More from Coster's previous loan »
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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- Repayment Term
- 19 months (Additional Information)
- Repayment Schedule
- At end of term
- Mar 4, 2014
- Feb 4, 2014
- Currency Exchange Loss:
- Apr 18, 2015
Photo from previous loan
Kiva allows our Field Partners to re-use the same photo for individual borrowers that have been posted on Kiva's website once before in a 24 month period, and we allow them to re-use group photos for up to 24 months, provided that 80% of the current group's membership is represented.
Taking, collecting, and uploading photos of borrowers is one of the most challenging elements of using Kiva for our Field Partners. In order to make Kiva easier for Field Partners to use, we have allowed them to post successive and concurrent loans without taking a new photo of the borrower if the criteria above are met.