Constance’s biggest dream is to expand her business beyond her home town. She intends to be able to handle huge sums of money as this will enable her to have more profits. However, Constance faces the challenge of having little capital for her business. This means that she cannot conduct transfers that require large sums of money to be received or sent. When she gets the loan, she intends to increase her working capital so that she will be able to handle bigger transfers of money. When she has grown her business, Constance wants to go to college while continuing to run her business.
Constance is convinced that her business is helping her community because many do not know how to read and write and her money transfers do not require complicated paperwork. Also, she provides personalized services so her customers always get all the help they need. This, she believes, is the competitive edge that her business has that will help make enough profits to realize her dream of going to college
In this Video, Constance is being interviewed by a representative from Mobile Transactions.
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 provide underserved communities with financial inclusion. 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. Kiva loans made through Zoona provide mobile banking service agents with funding for fixed asset purchases, setup expenses, and working capital float to ensure resources to manage cash in/out transaction requests.
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