A loan of $4,925 helped to purchase a small computer to speed up his transactions, to hire more people and to increase his working capital.


Bright's story

Bright is a determined young man of 25 who has been running his money transfer business since July 2011. He wants to use his loan money to purchase a small computer to speed up his transactions and to employ two people in his shop so that he can serve his customers faster. He also wishes to use the money to increase his working capital.

Access to financial services in Zambia is both scarce and expensive. Close to 10 million Zambians, 80% of the population, do not have bank accounts. As most Zambians live in rural areas, distance and transportation factors hinder access to available financial services. Mobile Transactions Zambia Limited (MTZL) is an early stage company that specializes in low-cost mobile money and other financial transaction services by propagating an open network using small businesses called champion agents. Bright is one of the champion agents. This is his story.

When Bright first started his business his main focus was to get people in his community to know about the service that he provides. He started off by doing direct sales to customers in his community by distributing flyers and explaining his business to them in person. His strategy paid off because barely a month later his transactions had increased from a mere 10 transactions a day to 48 transactions a day. Because of the quick growth of his business he faces the challenge of working float (electronic and cash value of his working capital) which means he does not have enough working capital to satisfy his customers from time to time. He frequently has to close his shop and make trips to the bank to convert his electronic money to cash and vice versa.

Bright is currently living with his grandmother, who is taking care of five other people. He continues to work extra hard so that he can be able to move out of his grandmother's house and get his own place. In the next five years, Bright sees himself as a full blown businessman. He plans to open money transfer shops in two new locations.

In Bright's video, the interview is conducted by a representative of Mobile Transactions.



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