Sekela is 30 years old. She is friendly and works very hard to take care of her family. She is happily married with two children, aged three and one. She lives in a town called Chipata, located in the eastern part of Zambia.
Sekela runs a Zoona mobile money transfer business. She offers financial services to people in her community. Before running her own mobile money business, Sekela worked as a data operator for one of the breweries in the country. This previous experience has helped in the day-to-day running of her current business.
Sekela says the community benefits from her business of mobile money transfers because people do not have to pay large sums of money or travel to the city of Lusaka to access financial services. She is very pleased with the business because it allows her to have a livable income at the end of the month to pay for her house rentals and provide for her family.
Sekela is requesting her first Kiva loan to expand her business and boost her working capital. This will increase her revenue by allowing her to provide service to more customers.
Sekela’s biggest dream is to someday build her own house for her family. She thanks the Kiva lenders for their assistance.
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.