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Update on Florence

Florence is an ambitious 26-year-old woman. Born fourth in a family of six, her mother and father are not employed. Florence operates a Zoona mobile money transfer outlet at one of the largest hospitals in Lusaka, Zambia, to earn income and take care of her family.

Florence has been operating her business for 18 months now. This is her second Kiva loan. Her first loan came in April of 2012, right when she was starting her business. The loan was used for her to add to her working capital and have the ability to serve more customers. She also used some of the loan to purchase a directional sign, a few kilometers away from her outlet location, to draw customers to her shop. She says this helped her business receive new customers.

Currently, Florence is seeking a second loan so she can open an additional outlet nearby in Lusaka. The money will be used as start-up working capital to serve customers and help the business grow. She will also hire a new employee to assist with running the new outlet.

Florence is hopeful that opening a second shop will double her current profits. She explains how the cost of running a business in the capital city of Lusaka is very expensive. A lot of her revenue goes to paying rent for her shop space at the hospital. Florence is looking to continue to expand her business so she can earn more income and provide better for her family.

Previous Loan Details

Florence is 25 years old. She earns her living by providing mobile money transfers at the biggest hospital in Zambia, the University Teaching Hospital (UTH). When Florence finished secondary school, she opened her own hair salon as she was pursuing an accounting course in a town called Ndola w... More from Florence's previous loan »

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.

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.


About Zambia

  • $4,100
    Average annual income
  • 3
    View loans »
    Zambia Loans Fundraising
  • $1,284,550
    Funds lent in using Kiva
  • 5.4
    Zambia Kwacha (ZMW) = $1 USD

Success!! The loan was 100% repaid

A loan of $950 helped Florence to open her second Zoona mobile money transfer shop in Lusaka, so that she can serve customers in need of financial services.
100% repaid
Repayment Term
37 months (Additional Information)
Repayment Schedule
At end of term
Nov 28, 2013
Nov 4, 2013
Currency Exchange Loss:
Jan 17, 2015