Mobile money transfer business

Oliver

Eldoret, Kenya

3% repaid

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How it Works

Entrepreneur

Name

Oliver

Member since

March 2015

On-time repayments

205 installments • 1%

About Me

I am the only child in my family, my parents left me when I was still an infant, and grew up under the custody of my grandmother. Through assistance from well wishers and relatives, I managed to go through my primary and secondary education. After high school, I could not gain direct entry into the university with my grade of C+. I opted to open a business, which would assist me through my high school completion as well as support my aging grandmother. My business is Mpesa (a mobile money transfer service that allows people to transfer and withdraw money using their mobile phones. The business is doing well; however, I am short of cash to use in doing the transactions. I have had several cases where customers are sent away due to inadequate funds. My friend introduced me to your organization and I pray that I will get assistance necessary.

My Business

The business is about a money transfer service, which allows mobile phone users to move cash from one person to another through their phones. The service charge per transaction is $0.3, and each day I get 60 – 70 customers. The profit obtained per day therefore comes to (0.3 x 60 = $18). This can be easily achieved and even surpassed if I have sufficient funds for my business. Payment of the returns come every month on first, and I believe through this I will be able to repay my loan within the stipulated time. I also sell fruit juice, which I believe would support me further in repaying my loan.
The business is viable since I have a good location that will attract many customers, furthermore, the profit margin is good and will enable me complete my school work.

Loan Proposal

With the loan, I will increase my business capital. this means that the business will be capable of handling bigger transactions which in the end would translate to good revenues. My current capital base is low, and therefore the business can only serve a few customers. However, with the increased capital base, the business would be in a position to serve many customers and further increasing returns.
By gaining $0.3 per transaction, the business would be well placed to make approximately ($0.3 x 60) = $18. This amount accumulated to end month would increase the business capability and enable me diversify into other areas.