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Update on Richard

Richard is 45-years-old and widowed with two daughters. He also takes care of four relatives between the ages of 14 and 22. Richard provides financial services to people in his community by offering mobile money transfers and payments. Richard is an entrepreneur at heart and is always looking for unique ways to grow and improve his business.

He operates his primary outlet Monday-Saturday from 8:00 a.m. to 9:00 p.m. Currently, he employs 12 people at his 10 different locations. This is Richard’s third loan from Kiva. He would like to take this opportunity to thank his lenders for helping him grow the business. The previous loans allowed Richard to grow the number of outlets he currently operates to 10. Furthermore, Richard has been able to grow his working capital and serve more customers sending and receiving money from his shops. He has also been able to employ more young adults to help with the day-to-day transactions.

Richard has fully repaid his first loan and continues to always pay his second loan on time. He has requested another loan from Kiva in order to pay for the five trading booths he currently uses to serve his customers. He explains that he is still trying to grow his mobile money transfer business so that all his locations can be profitable.

He plans to use the profits from his growing business to continue paying for his daughter's and dependents' school fees.

Previous Loan Details

Meet Richard. He runs a Zoona Mobile money transfer business in Chililabombwe. This is Richard’s second loan from Kiva; he sent in this update to his Kiva lenders and wanted the lenders to know this about him: My name is Richard, I am widowed and have two lovely daughters and am currently livi... More from Richard'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. 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.


About Zambia

  • $4,100
    Average annual income
  • 6
    View loans »
    Zambia Loans Fundraising
  • $1,106,025
    Funds lent in using Kiva
  • 6.1
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $4,125 helped Richard to purchase five trading booths.
100% repaid
Repayment Term
32 months (Additional Information)
Repayment Schedule
At end of term
May 14, 2014
Apr 15, 2014
Currency Exchange Loss:
Apr 18, 2015