Expansion of my business

Entrepreneur

About Me

I am Owusu Berchie, holder of Bsc Management degree and HND Marketing from the University Cape Coast and Sunyani Polytechnic respectively. I am also a staff of National Health Insurance Authority - Asutifi Office. As a child, my Dad who was an Agriculturist and the only breadwinner of a family of eight, wanted to see me go higher on the education ladder but unfortunately he passed-on few months into my final senior high school exams. I wrote my final exams whilst the remains of my father was still in the morgue. I knew education was my only way out and thankfully, in the midst of all the difficulties, I made it to the Polytechnic and subsequently to the University. I started my MTN mobile money transaction when a friend of mine educated me on business and its potential growth. I have a three year old daughter called Fiona and my dream is to see her become one the best layers of her generation. I have set a monthly contribution for her education fund towards her higher education. The fund can only be assess by her when she attains eighteen years. Football is my passion and the beautiful game takes greater part of my pastime. Watching Game Of Thrones is also one of favorite leisure hours and ardent fun of Manchester United.

My Business

My business, the MTN mobile money services is a mainly transfer or receipt of fund through mobile phone. The operation is done offline and you only need a registered chip from the network provider (MTN) and cash deposit to start the business. The more funds you have in your mobile money wallet or phone, the more you are able to do more transactions and the greater your profit margins. Profits or gains are generated by the number of transaction you do per month. The service is currently booming in my country as seven in ten adults currently send and/or receive money through the service which is also helped by the large mobile penetration in my country. The growth potential is also enormous as additional services such purchase of government treasury bills and mobile savings breaking new frontiers. I plan to do my Masters (second degree) once my business is well established and new branches opened.

Loan Proposal

I will like to apply for a new loan to help me complete a branch of my mobile money business. I have already secured a place to start the new project but will need funds to furnish it and put it into operation. I am humbly applying for a loan of $538 to help me in this my new venture. I will use $100 to purchase furniture, chair and a mobile phone. I plan to invest $150 of the loan in credit transfer and sale of MTN, Tigo/Airtel, Vodafone credit vouchers at this new place. This new line of business is expected to generate additional profit aside those coming from my mobile money transfer. The remaining $288 of the loan, if fully funded, will be invested in the actual mobile money transfer as a start-up capital at the new branch. The new branch with its additional business line of credit sales plus the already operating mobile money transfer is expected to boost my monthly profit from the current $95 to approximately $200 after all bills and expenditure have been settled. The new branch will certainly require personnel and at its infant stage, I plan to hire one person to manage the office with additional employment opportunities to be created as the business grows. Helping to execute this project will mean a great deal to me and I will make you all proud with your investment in me. Thank you.

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