Float/cash for mobile banking business (mpesa)
Duncan
Solai- Nakuru, Kenya
10% repaid
Entrepreneur
Name
Duncan
Member since
December 2014
On-time repayments
116 installments • 7%
About Me
My name is Duncan Kibet, 31 years old and married. I am a first born in a family of seven and I reside in Upper Solai near Lake Solai in Nakuru county. I studied a diploma course in in general agriculture from Rift Valley Institute of Science and Technology.
Since then, I have had a few temporary contracts paying poorly and the I could not plan on. About one year ago, I established an MPESA outlet for mobile banking transactions at Kamukunji shopping centre. So far it has been a success and only want to improve.
I spend most of my free time watching TV especially in the shop where I sell mobile accessories.
My Business
I have established an MPESA (mobile banking) outlet at Kamukunji shopping centre- few kilometers from Lake Solai.
I basically perform mobile transactions for instance, cash deposits and withdrawals while earning commission from them.
The location is strategic and has a good population with minimal competition. The business is my only source of income and most of the proceeds often go to upkeep with little savings. The business demands a lot of cash liquidity which is often a limiting factor for my business.
Loan Proposal
With mobile banking, the demand for high liquidity is high and being able to maintain this cycle is key to the success of this business as it pays on commission.
The potential to exploit is increasing the number of transactions which translate to better commission I will therefore use all the $100 in improving cash/float levels.
The increased profits will help me expand my business- by introducing other businesses that can easily match for instance, sale of mobile phone accessories within the same outlet as well as pay back the loan with ease.
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Loan Info
Project Type
Classic Loan
Disbursed amount
$100.00
Date disbursed
Jan 1, 2015
Repayment status
Late
Projected term
27 months
Lenders
Fletcher, NC, United States
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