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Meet Alfred. He runs a mobile money transfer and stationery shop in Kaxungula. He needs a Kiva loan. This is his story....

My name is Alfred. I am married with 6 children and I have 7 grandchildren. I run a shop in my hometown of Kazungula. My shop deals in mobile money transfers and stationery supplies.

Mike Quinn, who is now the CEO at Zoona, introduced me to the business of Mobile money transfers back in the year 2009. I started the business with a capital of about $500. Today, my working capital has increased to $2000. I have seen the growth and I am very proud of the business.

As Kazungula is a border town, my customers are mostly truck drivers who send money to their families. I also have a lot of businessmen who come to get their cars at the border, and have to pay duty. I have to send some of them away because at the moment, my working capital is only $2000 and they normally need to receive huge sums of money. This makes me sad because I lose out on a lot of profit.

When I get the Kiva loan, my working capital will increase and I will not have to send too many people away. The loan will also help me to keep the stationery stock levels high.

I am very grateful for the chance to be on Kiva because it is very difficult to get a loan in Zambia. I know this will improve my family’s standard of living. I look forward to getting another Kiva loan once I finish paying this one. Thank you.

Additional Information

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.

About Zambia

  • $4,100
    Average annual income
  • 2
    View loans »
    Zambia Loans Fundraising
  • $1,283,000
    Funds lent in using Kiva
  • 5,189.0
    Zambia Kwacha (ZMK) = $1 USD

Success!! The loan was 100% repaid

A loan of $975 helped Alfred to add to his $2000 working capital so that he can serve more customers.
100% repaid
Repayment Term
26 months (Additional Information)
Repayment Schedule
At end of term
Dec 7, 2012
Nov 12, 2012
Currency Exchange Loss:
Sep 17, 2013