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Sep 30, 2016 4:16 PM ET

Archived: Zambia: Tinna A loan of $2,300 helps to pay for a startup business of mobile money transfers.

iCrowdNewswire - Sep 30, 2016


Kitwe, Zambia / Services
Borrower image

Tinna’s story

Tinna, age 24, is a daughter and sister, and the breadwinner of her family. She and her sister lost their father at a very young age and have had only their mother to support them. Tinna did a short course in 2012 for occupational health and safety management, but she was unable to further her studies due to lack of funds. Until this year in June, she was unemployed.

She now runs a business which provides a mobile money transfer service for people in Zambia. Her business is the only income to provide for her family, even though it is not an easy undertaking. The major challenge she faces in her business is the lack of capital to expand. This has incapacitated her growth. She says she has been running her business for some time now and it has remained the same.

Tinna is grateful for the opportunity to be on Kiva and intends to use this loan for all the extra expenses incurred with a growing business. Tinna’s biggest dream is to grow her business, so that she can attain a PHD in occupational health and safety management.

This loan is special because:

It expands access to mobile money in Zambia.

Kiva staff

More 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.

A loan of $2,300 helps to pay for a startup business of mobile money transfers.

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