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Update on Jimmy

41-year-old Jimmy has steadily grown his business. He operates a Zoona mobile money transfer business and an auto spare parts business in his home town of Lundazi. He has been involved with the business for five years and he is very well known in the community.

Jimmy, who is married and a father of three, is very hard working. With the help of Kiva lenders, he has managed to expand his business. This has helped him earn more profits and service customers who need to access financial services.

Jimmy’s first two loans helped him boost his working capital and expand his business by opening four additional Zoona mobile money outlets in the eastern province of Zambia. The profits from his business helped him to provide for his family and take his children to better schools. He says his standard of living has also improved with the growth of his business.

He is requesting his third Kiva loan to help him boost his working capital at his five mobile money transfer outlets. This will insure that he stays capable of serving his growing customer needs to send and receive money.

Jimmy explains how he is grateful to be connected with Kiva lenders and thankful for the opportunity to access affordable working capital to grow his business.

Previous Loan Details

Jimmy is 40 years old. He is married and has three children. He runs his mobile money transfer and auto spare parts businesses in his hometown of Lundazi, a town in eastern Zambia near the border with Malawi. Jimmy has been selling car spare parts for five years now. He added mobile money tran... More from Jimmy'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.

Tags

About Zambia

  • $1,800
    Average annual income
  • 17
    View loans »
    Zambia Loans Fundraising
  • $912,325
    Funds lent in using Kiva
  • 5.7
    Zambia Kwacha (ZMW) = $1 USD
Ended with Loss - Currency Exchange Loss learn more
A loan of $2,650 helped Jimmy to increase his working capital to perform mobile money transfers.
91% repaid
Repayment Term
33 months (Additional Information)
Repayment Schedule
At end of term
Disbursed:
Mar 18, 2014
Listed
Feb 19, 2014
Currency Exchange Loss:
Possible
Ended:
Apr 18, 2015
This photo was used before for a previous loan for Jimmy. It was first posted on Kiva on Nov, 2012. Learn More