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Stories of empowerment, success, and transformation from Wisrod and our community.
To some, the name Wisrod is just another brick in the wall, but to vendors and small businesses in Zimbabwe, it is sweet music to the ears.
Having been classmates at Harare High School, Wisrod's co-founders, Mr. Lewis Madafi and Mr. Nimrod Nyakanyanga, reunited to help disadvantaged communities.
In 2011, Wisrod started a pilot project in Unit L, Chitungwiza. The market was a hive of activity, but the initial project faced financial administration issues.
From the failure of their initial investment, Wisrod's founders learned valuable lessons about financial oversight and recruitment.
After plugging all the loopholes, Wisrod restarted with proper procedures in place. The vendor loan was a success, followed by school fees loans.
Over 100,000 MSMEs and their families have gained better access to business loans through Wisrod.
To some, the name Wisrod is just another brick in the wall, but to vendors and small businesses in the ghettos and makeshift markets of Zimbabwe, the name is sweet music to the ears. Wisrod may not be listed on the stock exchange, but it occupies a special place in the hearts of common people. The reason being that Wisrod has succeeded in creating a unique business model and genuinely loves, understands, and listens to its clients. The company has created a win-win situation with its clients, hence transforming their lives. Wisrod's success story has been about perseverance and faith - it is a story of false starts, lost money, bad decisions and judgements. Here, we share the journey and the story of Wisrod's success.
Having been classmates at Harare High School, Wisrod's co-founders, Mr. Lewis Madafi and Mr. Nimrod Nyakanyanga did not know that fate would bring them together again almost 20 years later. After observing that many ordinary people had nowhere to get financial assistance, the two friends brainstormed on how to help the disadvantaged brothers and sisters, mothers and fathers, sons and daughters.
The sad thing was that young girls and boys could also be seen wandering around the market during school hours because of lack of school fees. Also, these disadvantaged people had relatives who looked up to them, yet they were unable to meet life's needs. It was such a pitiful and desperate situation.
"We could see that people needed someone who understood what was deep down their hearts, their wishes and the need to be better in a society," explains Mr. Nyakanyanga.
And so, Wisrod Investments Pvt Ltd was set up. The aim was to empower the informal sector, starting with vendors.
In 2011, the two gentlemen started the Wisrod pilot project in Unit L, Chitungwiza (Zimbabwe's 3rd largest city). The Unit L market where Wisrod piloted its project is nicknamed Speed. Here, people come and go, push and shove, shout and even fight. The place is a hive of activity and money easily changes hands as almost every minute something is bought or sold.
It is in this place where Mr. Nyakanyanga says, "We were testing all the products we had. We wanted to see if the repayment method we had devised really worked, as well as assess how convenient it was for our target group."
"We had deliberately decided to target vendors. So the pilot project ran for a couple of months, but because we had not planned the financial administration properly, we ended up losing the money we had put in the business...."
According to Mr. Nyakanyanga, from the failure of their initial investment, they learnt a number of lessons. Their initial aim was to empower the under-served people working in the informal sector who are primarily vendors, cobblers, among others.
"At the same time, we also wanted to empower our own people, to alleviate poverty in our society. So, we ended up employing less qualified and incompetent workers. Obviously that was one of the mistakes we made, and we drew some lessons from there."
Wisrod had fingers burnt for starting without proper procedures and process. Yet, mistakes can be great lessons. Wisrod restarted the project with proper financial oversight in place, with proper recruitment and credit appraisal procedures in place.
Having plugged all the loopholes, the ship was finally ready to sail again and this time, to get to its destination. The company started by giving the vendor loan. This was very successful, and then it introduced other products like the school fees loan to support the vendors with school fees for their children. That product performed beyond expectations. Thereafter Wisrod started introducing other products like the hire purchase and the micro-housing loans. As they say, the rest is history.
Today, Wisrod is the leading microfinance company that provides tailor-made financial products to the unserved and underserved population of MSMEs. These MSMEs include primarily fruit and vegetable vendors, flea market vendors, tuck shops, and formalized entrepreneurs. The client base has been built over time through less cumbersome requirements, fast and easy transactions offered through a robust ICT system and excellent customer service.
Wisrod has now grown across the country with over 50 branches and employing more than 200 staff.
Over 100,000 MSMEs and their families have gained better access to business loans and other financial services disbursed through Wisrod.
Every day, Wisrod unlocks the potential of entrepreneurs through the right financial plan.
Be part of our mission to empower 100,000 entrepreneurs. Apply for a loan today and take the first step towards financial freedom.