Leasing Hope: How SELFINA Is Powering Women’s Economic Rise
Following the death of her husband, veterinarian Victoria Kisyombe had no assets – just a cow. She was denied access to credit because she had no land or resources to use as collateral. So, she used the cow to generate income by selling milk and later bartering it for other necessities.
This experience led her to create SELFINA, a company that leases essential equipment, such as tractors, oil presses, sewing machines, and milling machines, to women to help them generate income and gradually achieve financial independence.
SELFINA (Sero Lease and Finance Limited) stands as a beacon of empowerment in Tanzania, where access to traditional financial services is limited for many women. Founded in 2002 by Dr. Kisyombe, SELFINA offers innovative micro-leasing and sale-and-leaseback services that allow women to acquire productive assets like livestock without needing traditional collateral.
This model has proven transformative. For instance, one woman reported a dramatic increase in rice harvests – from 20 to 1,500 bags – after leasing a tractor from SELFINA, allowing her to plow her land early enough to benefit from the early rains. Such success stories are common, with SELFINA having empowered over 31,000 women, created 150,000 jobs, and impacted more than 300,000 lives.
Dr. Kisyombe says that part of the income the women earn is used to pay for their children’s education, improve their homes, and cover healthcare costs.
I have seen the enormous impact a small investment can make in the life of a woman. And it doesn’t stop there — from one modest lease, a woman can create dozens of jobs, touching the lives of dozens more.”
– Victoria Kisyombe
In recognition of her groundbreaking efforts, the Schwab Foundation honored Dr. Kisyombe with the Social Entrepreneur of the Year Award in 2010. This accolade highlights her innovative approach to financial inclusion and her dedication to uplifting women, particularly widows and young girls, in Tanzania.
Through SELFINA, Dr. Kisyombe has provided more than just financial services. She has helped cultivate a culture of entrepreneurship among women, playing a key role in reducing poverty and driving economic development in her country.
For more, watch this short video, courtesy of the World Economic Forum.
