Last updated November 19, 2012

Status Update - May 22, 2013:

Kwacha, the currency in Zambia where Zoona operates, has been re-denominated so that what was formerly 1,000 ZMK (Zambian Kwacha) is now only 1 ZMW (renamed acronym). This impacts about 40 Kiva loans that will still be in the repayment process after the currency data feeds reflecting the old denomination are retired on June 30. To adjust to this change, Kiva will keep the old currency in our system until these existing loans are fully repaid. We will begin using the new currency for Zoona loans going forward. This will not impact the lender experience, but we wanted you to be aware of the change.

Partner Description:

Zoona is a mobile money/transactions company that allows individuals to send and receive money over their phones, using the conversion of cash into electronic value, and electronic value back into cash.

For Zambians, especially the poor, mobile money presents a new method of sending funds that is potentially cheaper, more accessible, and more secure than money transfer services, bank transfers, or requests of friends to carry cash on buses. Mobile money has the potential to significantly push the boundaries of financial inclusion, in particular, by allowing poor individuals to securely store savings on their phone, receive insurance payouts, and receive/repay on loans.

To enable more Zambians to get access to mobile banking technology, Zoona uses a distributed network of agents, called champion agents, who operate the individual business locations that provide the cash in/out capability.

Kiva loans administered by Zoona will fund both agents and micro-distributors. For agents, loans provide working capital so that they have enough cash on hand to process transactions. Additionally, the loans will help existing agents open new transaction booths so they can serve even more customers in different areas. This will increase the number of Zambians who have access to mobile banking technology.

As the mobile transactions business is new in Zambia and takes some months to scale in an agent location, Kiva loans will be structured so that a percentage of an agent’s monthly transaction revenue/commissions will be used to repay Kiva loans.


For micro-distributors, Kiva loans enable borrowers to buy large inventories of soft drinks that they can sell to retailers. This is related to Zoona because the micro-distributors in the program make their loan repayments electronically through the Zoona network.





Repayment Performance on Kiva

    This Field Partner All Kiva Partners
  Start Date On Kiva Jan 27, 2012 Oct 12, 2005
Total Loans $514,475 $591,510,100
Amount of raised Inactive loans $3,300 $801,625
Number of raised Inactive loans 2 640
Amount of Paying Back Loans $219,400 $116,887,025
Number of Paying Back Loans 115 124,445
Amount of Ended Loans $291,775 $473,821,450
Number of Ended Loans 104 601,157
Delinquency Rate 0.00% 4.15%
Amount in Arrears $0 $3,134,116
Outstanding Portfolio $145,408 $75,521,492
Number of loanDelinquent 0 14,058
Default Rate 9.14% 1.13%
Amount of Ended Loans Defaulted $26,669 $5,346,749
Amount of Ended Loans $291,775 $473,821,450
Number of Ended Loans Defaulted 12 16,817
Currency Exchange Loss Rate 0.99% 0.09%
Amount of Currency Exchange Loss $5,105 $538,403
Refund Rate 7.75% 0.77%
Amount of Refunded Loans $39,875 $4,537,625
Number of Refunded Loans 11 5,064

Loan Characteristics On Kiva

    This Field Partner All Kiva Partners
  Loans to Women Borrowers 33.20% 74.18%
Average Loan Size $2,379 $418
Average Individual Loan Size $2,379 $655
Average Group Loan Size $4,775 $1,828
Average number of borrowers per group 2 8
Average GDP per capita (PPP) in local country $1,800 $3,429
Average Loan Size / GDP per capita (PPP) 132.18% 12.20%
Average Time to Fund a Loan 9.04 days 5.6 days
Average Dollars Raised Per Day Per Loan $263.26 $74.70
  Average Loan Term 25.67 months 10.35 months

Journaling Performance on Kiva

    This Field Partner All Kiva Partners
  Total Journals 267 296,133
  Journaling Rate 80.00% 42.36%
  Average Number of Comments Per Journal 0.18 0.08
  Average Number of Recommendations Per Journal 0.02 1.87

Borrowing Cost Comparison (based on 2011 data)

    This Field Partner Median for MFI's in Country All Kiva Partners
  Average Cost to Borrower 4% APR 74.00% PY 33.27% PY
  Profitability (return on assets) N/A 3.2% -1.45%
  Average Loan Size (% of per capita income) N/A 10.00% 40.88%

Country Fast Facts

Field Partner Staff

Memory Chirwa
Ragmat Davids
Keith Davies
Lee Ann Lancaster
Brad Magrath
Brad Magrath
Lyndall Marwick
Marian Van der Linden