Changing lives of widows; Monica Mwareka's success story - Zimbabwe
Changing lives of widows; Monica Mwareka's success story
Monica Mwareka is a 42-year-old widow who resides in Hauna Phase 2 in Mutasa and her business is located at Hauna Growth point and another newly opened outlet in Sagambe. She is into hardware specialising in the selling of building materials and electrical, gas tanks, bicycle parts and other small items. Her business started in 2006 together with her husband before he passed on.
Unlike other women who become stranded after their spouses pass on, Monica Mwareka managed to take over and sustain the business that was left by her husband. She shared that after her husband’s death business was going down due to lack of capital, however Viability Intergrity Reliability Long Lasting Relationships (VIRL) Microfincance came in as a comforter to her sorrows as she managed to get a loan and boost her stocks.
VIRL Financial Services was established in February 2010 by two women who wanted to make an impact in financial inclusion. VIRL financial inclusion mandate has focused on rural financing, with interest in reaching out to excluded and vulnerable women and youth to businesses which create employment and curb migration.
Monica is now a 4th cycle borrower, she got her first cycle loan in April 2016 of amount $1000 which she paid back well and her second loan of $1500 was in October 2016. In June 2017 she got her third cycle loan of $1000 and a fourth loan$1000 in January 2018, her 5th loan was $1500. For all these cycles she used the funds to restock and her business is doing well. Her profit earnings have increased from $347 when she took her first loan to $2 340 on her 5th loan.
When Monica’s husband passed on their house was still at window level, but she managed to complete the house with proceeds from the shop. Monica also managed to buy a vehicle using the same proceeds and she is not struggling to send her children to school using funds from the business. Recently she opened up another grocery outlet in Sagambe using proceeds from the same business.
Monica clearly indicated that it is because of good service that keeps her retuning to VIRL to obtain funds. Monica openly testified that VIRL is playing a crucial role in the community and many people are greatly appreciating the good work that VIRL is doing in the community.
Monica Monica Mwareka in her hardware shop with her employee