Henry is 31 years old and is the sixth born in a family of nine. Currently, Henry is engaged and lives in Lusaka, where he operates his mobile money transfer business. The business not only provides for himself, but also his siblings.
Henry likes to describe his business as the service of sending and receiving money from one location to another in Zambia. He started operating the business as a way to provide for his family. Henry enjoys the business because it is an opportunity for him to provide much needed financial services within the community. He enjoys interacting with all the customers from different walks of life that do business at his outlet.
Henry requests a Kiva loan to purchase a trading booth to expand his mobile money business to serve more customers who need to send or receive money.
Henry is grateful for the opportunity to be connected to Kiva lenders. He explains that access to financing as a small business owner in Zambia is very difficult. With his loan, Henry plans to grow his business by opening a new outlet. This is the first step in his goal of continuing to grow his business.
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.