Update on AllanThis is 32-year-old Allan. He is a Zoona mobile money transfer business owner. His business deals in the receiving and sending of money. Allan opted to write his own Kiva loan profile. This is his story:
My name is Allan and I have received two loans from Kiva. Now, I am requesting my third loan. First off, I would like to thank the lenders who have enabled me to grow my business. A great motivation of mine is to create a life filled with opportunities. This is what keeps me strong and focused in all that I do.
The previous loans I received through Kiva helped me grow my business. Prior to getting a loan I had one Zoona outlet, now I have three outlets and plan to open two more. My business has been positively impacted by the ability to increase my working capital through loans.
With the first loan I managed to open two additional shops and help my community build a bus stop shelter. The loans have also had a positive impact on my family. I have managed to send my brother and two cousins to school. In November of this year I am having my wedding as well. These loans have been a true blessing. My desire is to create a better life for my family, to be a role model for them, and to allow them to see the opportunity that comes from hard work. I will use this third loan to expand my businesses by adding more working capital to my shops, which will provide me with additional income. This will also improve service to customers and my community.
Previous Loan DetailsIn the business of mobile money transfers, Allan used his previous loan to buy a new booth for his second shop. The shop is doing very well, and Allan is happy with the number of transactions that he does on a day-to-day basis. In addition, Allan was able to expand his products and increase his p... More from Allan'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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