Update on VincentVincent is 38 years old and lives in the town of Lusaka. He works as a coordinator and operates his own mobile money transfer business. His business provides financial services to many unbanked individuals. People in his community go to his outlets to send and receive money as well as pay bills. He has three children, ages 9, 4 and eight months old.
Vincent has continued to grow his business through the help of Kiva. He got his first loan in September of 2013. The loan helped him to expand his business and he was able to serve more customers and open up additional locations. Today, Vincent runs a total of six mobile money transfer shops. He has employed eight young women and three young men to work at his outlet locations.
Vincent already paid back his first loan in full. He has requested for a second loan so that he can grow his business by adding more money in his six locations. This will ensure that customers are not turned away when they need to transact large amounts of money. Vincent explains that the business of mobile money is highly dependent on how much money is in the business to service customers.
Vincent would like to take this opportunity to thank the Kiva lenders for their support and for helping him improve his standard of living. He looks forward to more engagement with the lenders through his updates.
Previous Loan DetailsMeet Vincent. He runs a Zoona Mobile money transfer business in Lusaka. Vincent wanted the Kiva lenders to know this about him: “I was born and brought up in the Eastern province of Zambia. My first trip to the capital city (Lusaka) was when I qualified to enter the University of Zambia. I am… More from Vincent'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!
- Repayment Term
- 20 months (Additional Information)
- Repayment Schedule
- At end of term
- Jul 3, 2014
- Jun 7, 2014
- Currency Exchange Loss:
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.