Update on Jimmy41-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 DetailsJimmy 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 »
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
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- Repayment Term
- 33 months (Additional Information)
- Repayment Schedule
- At end of term
- Mar 18, 2014
- Feb 19, 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.