In honor of Women’s Day, we are shining a light on inspiring female entrepreneurs who are driving change and making an impact in their communities. Today, we feature Virginia Sibanda, the Founder & CEO of VIRL Financial Services, a microfinance institution dedicated to empowering individuals and small businesses through financial solutions and business education. With over 35 years of experience in the financial sector, Virginia has been a pioneer in fostering financial inclusion in underserved communities in Zimbabwe.
What is one pivotal moment in your entrepreneurial journey that changed the trajectory of your business?
Virginia: “A defining moment in my entrepreneurial journey as the founder of VIRL Financial Services was when we secured investment from the Africa Enterprise Challenge Fund (AECF). This opportunity came at a critical juncture—Zimbabwe’s policy changes in 2018 had severely impacted our business, creating financial and operational challenges. The AECF investment provided not just essential financial support but also opened the door for VIRL to enter the green loan space. This marked a transformative shift, allowing us to pivot strategically and begin directly importing solar home systems. This move revitalized our business, positioning VIRL Financial Services as a key player in sustainable energy solutions in Zimbabwe. It also aligned our mission with global trends in environmental sustainability and financial inclusion, ensuring long-term impact for the communities we serve.”
How do you see your business contributing to a more inclusive and sustainable future?
Virginia: “At VIRL Financial Services, we are deeply committed to creating a more inclusive and sustainable future by addressing financial and educational gaps in underserved communities, particularly in rural areas. So far, we have provided over 26,000 individuals with access to finance, financial literacy training, and essential business skills—empowering them to build sustainable livelihoods. Notably, 60% of these beneficiaries are women, and 70% reside in rural areas, ensuring that historically marginalized groups have opportunities to thrive.
A significant part of our impact comes from financing clean energy solutions. We have provided 8,000 loans specifically for solar systems, enabling households to access reliable, renewable energy for lighting and productive use while reducing reliance on unsustainable power sources. Our business model is built on patience and community engagement—we work closely with rural borrowers to provide not just financial support but also guidance on making the most of these resources. We are also expanding into clean cooking technologies, furthering our commitment to sustainability.
While the journey has come with challenges—such as identifying the right borrowers and refining our approach—we have seen remarkable success stories. Many of our customers have built sustainable businesses, boosting economic activity in rural communities. By championing financial inclusion, clean energy adoption, and rural economic development, VIRL Financial Services is actively shaping a future where economic opportunity and environmental responsibility go hand in hand.”
If you could give one piece of advice to female entrepreneurs seeking investment, what would it be?
Virginia: “Believe in your vision and pursue it with relentless determination, but also ensure your business model is clear, scalable, and impactful. Investors are drawn to passion, but they invest in solutions that demonstrate both social and financial returns. Be prepared to articulate your unique value proposition, showcase resilience in overcoming challenges, and cultivate a network of mentors and supporters who believe in your mission. Most importantly, seek investors who align with your values—finding the right fit is just as crucial as securing funding.”
What were the biggest challenges you faced before securing SIMA’s investment, and how did they impact your business growth?
Virginia: “Before securing SIMA’s investment, one of the biggest hurdles was accessing affordable, well-structured funding. In Zimbabwe’s microfinance sector, capital is the lifeblood of operations, yet it has historically been difficult to secure—often coming with high costs or unfavorable terms. This limitation made it challenging for VIRL to scale operations and meet the growing demand for financial services, particularly in rural areas and among women entrepreneurs.
The impact was significant: our growth was slower than projected, and our ability to diversify product offerings and expand into new markets was constrained. However, SIMA’s investment provided the much-needed capital to overcome these barriers. It enabled us to expand our product range, reach previously untapped markets, and scale our operations in a way that maximized both financial sustainability and social impact.”
Since receiving SIMA’s investment, what has changed for your company, and what milestones are you most proud of?
Virginia: “SIMA’s investment has been transformative for VIRL Financial Services, catalyzing growth, innovation, and deeper community impact. One of the most significant changes has been our ability to expand our clean energy financing solutions. While we initially focused on smaller solar home systems for households, SIMA’s support allowed us to scale up and introduce larger solar systems tailored to the needs of small businesses in rural communities. This has empowered entrepreneurs to use renewable energy for productive purposes, strengthening rural economies.
We are particularly proud of our role in reshaping the rural financial landscape in Zimbabwe. Through our work, thousands of households and businesses now have access to clean energy, reducing dependence on unreliable and unsustainable power sources. Beyond financing, we are fostering financial inclusion and economic resilience, proving that sustainable development and business growth can go hand in hand.
Our partnership with SIMA has solidified VIRL’s position as a leader in green finance, demonstrating how innovative investment strategies can drive both social progress and environmental sustainability. Moving forward, we remain committed to expanding our impact, ensuring that even the most remote communities have access to financial resources and sustainable solutions.”
Virginia Sibanda’s story is a testament to the resilience, innovation, and impact that female entrepreneurs bring to the world of finance and sustainability. As we celebrate Women’s Day, let’s continue to champion female-led businesses that are building a more inclusive and sustainable future.