In Tanzania, as in many parts of Africa, widows, single mothers, and other disadvantaged women lack access to resources that could help them improve the quality of their lives. In some parts of the world, widows and poor women are denied loans from financial institutions because they are seen as a financial risk for loans due to their lack of collateral. This challenge, witnessed by the Tanzanian-born Victoria Kisyombe, inspired her to start a movement that enhanced the lives of thousands of Tanzanian women. Victoria Kisyombe is the Founder and Managing Director of Sero Lease and Finance Limited (SELFINA).
Economic opportunities are often limited for widows, particularly in developing economies. In a 2018 feature story with the World Bank Group titled Invisible and Excluded: The Fate of Widows and Divorcees in Africa, Asli Demirguc-Kunt, Director of Research at the World Bank, shared the plight of widows and divorcees in Africa. “In the face of divorce or widowhood, women often struggle with serious economic hardship,” Demirguc-Kunt said. “Unfortunately, designing effective policies to prevent these women from falling into poverty is hamstrung by sparse data and research.”
The birth of SELFINA
Victoria Kisyombe started her journey towards women’s empowerment in rural Tanzania, where she was born and raised. She grew up in a community where she witnessed firsthand how women were limited and often excluded from opportunities that could have allowed them to improve their lives. She saw the struggles they endured to make ends meet, and these early observations made Victoria think of ways she could change this.
The loss of her husband in 1991 exposed her further to the harsh realities widows in Tanzania faced. This experience of hardship propelled her to empower other women facing similar struggles. Victoria believes that regardless of their circumstances, women deserve the opportunity to build financial independence and live with dignity.
After her husband’s passing, Victoria’s personal struggles as a widow led her to found SELFINA (Sero Lease and Finance Limited) in 2002. This was when she realised that traditional financial institutions often overlooked women in similar situations, deeming them too high-risk for loans due to their lack of collateral.
Her goal for SELFINA was to give widows, single mothers and young girls a fighting chance by creating a platform that would offer microleasing services to disadvantaged women. This way, they could access loans even without having collateral.
Using her educational and professional experiences, Victoria laid the foundation for a transformative initiative, changing the lives of thousands of Tanzanian women and setting a new standard for social entrepreneurship in Africa.
Through her groundbreaking work with SELFINA, she has allowed women to start and (or) expand their businesses. Her vision for SELFINA is to create a society where women participate in the economy, lead innovations, and promote community development. By focusing on women, SELFINA addresses the gender disparities that have long hindered economic progress in Tanzania.
The Unique micro-leasing approach
SELFINA’s success over the past 22 years is tied to Victoria’s brilliant microleasing approach. Unlike traditional financial institutions that require loan collateral, SELFINA offers microleases, allowing women to lease productive assets such as sewing machines, agricultural equipment, or even motorcycles for business purposes. The unique aspect of this approach is that the women make small, manageable payments over time. Once they’ve paid off the lease, they own the asset outright. This model has made it easier for these women to start businesses and helped them build creditworthiness to access further financial services in the future.
So far, this approach has helped to reduce the financial burden and risk associated with starting a business for many disadvantaged women. It has also ensured they have the tools to generate sustainable income, thus improving their economic status and families.
SELFINA’s primary beneficiaries are disadvantaged women, particularly widows and single mothers. The organisation primarily focuses on widows, as they are frequently left without financial support after the loss of their spouses.
Recognition and achievements
Victoria Kisyombe is a beneficiary of the TIAW World of Difference 100 Award, Global Leadership Award in 2014, Women of Determination 2011 Award, and Economic Empowerment Award 2014. Her work with SELFINA has profoundly impacted the lives of countless women in Tanzania. As the company continues to grow and expand its reach, its mission remains rooted in the fight for gender equality.
