Update on LastonLaston is still growing his mobile money transacting business. He would like to thank all the lenders for their continued support and for the positive impact their loans have made on his business and daily life. The last loan increased his working capital, allowing him to make more transactions to more customers. He has also been able to send and receive larger amounts of money at his shop.
Laston is 45 years old and owns a Zoona mobile money transfer business in Lusaka city centre with his wife. They live in a rented house with their four children, two of his wife’s sisters and a 5-year-old niece.
Laston 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 of providing for his family and empowering his wife. Laston enjoys the business because it is an opportunity for him to serve his community. He enjoys interacting with all the customers from different walks of life that do business at his outlet.
Laston has requested a second loan so that he can increase his working capital float (this is the money that he uses to service his customers). This increase will mean that he will be able to serve more customers who need to send and receive money from his shop.
Laston’s dream is to take care of his family and educate his children. He would like his kids to have the education that he never had the opportunity to receive.
In this picture, Laston is sitting outside his mobile money transfer shop.
Previous Loan DetailsLaston is 45 years old and owns a Zoona mobile money transfer business in Lusaka city center with his wife. They live in a rented house with their four children and two of his wife’s sisters. Laston likes to describe his business as the service of sending and receiving money from one locatio... More from Laston'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!