Update on AllanAllan is 35 years old and married with one 7-year-old son. His son is attending first grade. He and his family live in the small town of Mpika, Zambia where he operates a Zoona mobile money transfer outlet.
Allan is requesting his second Kiva loan. The first loan was used to help increase his working capital in order to service more customers and earn additional profit. With the second loan, Allan plans to continue his business's growth by purchasing a new trading booth and increasing his cash and electronic funds. He explains how having enough funds in the business is important to serve all the customers at his shop who need to send and receive money. Right now, he is unable to serve all his customers as efficiently as he would like because of capital constraints.
Allan explains how the growth from his first Kiva loan has improved his family's quality of life with the extra income he now earns. His son’s school fees are paid on time and he is able to provide better for his family's basic needs. He would like to thank the Kiva lenders for their support.
Previous Loan DetailsMeet 35-year-old Allan. He lives in a town called Mpika, in the northern region of Zambia with his wife and 7-year-old son. He offers financial services to people in his community by providing the service of money transfers and bill payments. Allan started running his business two years ago with… More from Allan's previous loan »
More information about this loan
This loan is designed for Zoona agents, enabling them to access the working capital they need to process frequent and large mobile money transactions. Loans can also be used to help agents open new transaction booths to serve more customers, increasing the number of Zambians who have access to mobile banking technology.
Kiva loans are structured so that a percentage of an agent's monthly revenue is used to repay. Because the exact amount of these repayments is uncertain, we have structured this loan's repayment schedule to include just one payment at the end of the loan term. That said, lenders can expect to receive payments throughout the loan term as this agent earns revenue and pays back the loan.
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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This loan has been fully funded!