VIRL Board

Traditional Banking works in stable economies and has built great economies and great nations. It is the mainstream offering tailored toward the employed and those who generally find themselves formally engaged – therein lies its inherent weakness as access to money is easiest for those who need it least.

Virginia Sibanda (Mrs.)

Chief Executive Officer

Mrs Virginia Sibanda is the CEO of VIRL Rural & Social Financial Services (Private) Limited trading as VIRL Financial Services a company that she co-founded in 2010. She holds a Master of Business Administration Degree obtained through the University of Wales Bangor in association with Manchester Business School. Mrs Sibanda is an alumni of the International Leadership Visitors Program sponsored by USAID.  She has twenty eight years of experience in banking and microfinance industry in Zimbabwe, with extensive experience in credit risk assessment and lending to micro, small, and medium enterprises.She has attended the general Boulder Institute of Microfinance Program as well as the Rural and Agriculture program and has attended the Symposium for Financial Inclusion sponsored by Mastercard Foundation.Mrs Sibanda is passionate about development work.   She is the former Board Chairperson of ZAMFI.

Farai Mpofu (Mrs.)

Acting Chairperson

Farai has spent over a quarter of a century in the financial services sector, specialising in Corporate Communication, Marketing and Investor Relations. She is an alumnus of the British Council programme, “Tomorrow’s Leaders”.

Elisha Ngunga (Mr.)

Non Executive Director

Elisha Ngunga isa holderof an MBA-University of Gloucestershire (UK), Diplomas in Business Studies and Management, several other certificates, a licensee of Success Motivation International, Inc (USA) and Advanced Certificate in Company Direction( IODZ). He is the Chief Executive Officer and Principal Officer of Construction Industry Pension Fund where he is responsible for the strategy implementation, investments and projects appraisal, risk analysis and management, HR and Corporate leadership. Elisha has a strong and good managerial attributes, strategic appreciation and vision that has led him to build and implement sophisticated plans, with a proven track record,that has explicitly supported business needs. He is a self-driven, self-reliant, and exemplary leader who usesa collaborative approach with good interpersonal skills to engage, motivate and encourage others through change. He also answers to call for charity and spiritual work as he is involved in trust funds for charity and holds position in the Anglican assembly of Zimre Park and Diocese of Harare.

Gerald Nyakwawa(Mr.)

Non Executive Director

Gerald Munyaradzi Nyakwawa is a CDFP graduate and a consultant who specialises in finding sustainable solutions for the Bottom of the Pyramid (BoP) and growing national and regional participation of Micro-Small and Medium Enterprises (MSMEs) in the digital payments space. The informal sector has more often that not been excluded from payments system due to demand and supply side factors. He believes and is convinced that there is a business case for including the informal sector in mainstream payment systems.

Gerald is an advocate for instant inclusive retail payments he has experience in retail banking and digital financial services. He appreciates and understands what truly drives conversions in the BoP and DFS space. He is convinced the future of intra Africa Trade lies in instant inclusive retail cross border payment systems.

Gerald has landed coverage in print and broadcast outlets in Zimbabwe and abroad. His articles have been featured in the Digital Banker Africa, Global CIDEF, Business Weekly, The Standard, News Day and The Manica Post. He has been a panellist and presenter on Financial Inclusion matters in the MENA, SADC, EAST and WEST Africa regions.

Gerald holds a certificate in law and regulation of inclusive finance from the University of Luxemburg and the Chief Association Executive at the Digital Finance Practitioners Association of Zimbabwe

Clara Fosu Quaye (Mrs.)

Non Executive Director

A dedicated individual with over 20 years of experience, including more than 10 years specializing in expanding and strengthening the microfinance sector across Ghana.

She developed policies and provided technical advice to Apex Institutions and their microfinance institutions (MFIs), with a special focus on developing and implementing capacity building programmes and introducing systems to measure and increase the impact of microfinance operations.

At (GHAMFIN),Mrs Clara Fosu Quaye spearheaded, introduced and managed the Performance Monitoring and Benchmarking (PMB) system, which has become the only programme that independently assesses the performance of MFIs and compares them with peers nationally and globally. She facilitated the establishment of Social Performance Management (SPM) systems for microfinance institutions in Ghana in collaboration with CGAP/SMART Campaign.

She has significant experience in ensuring the inclusion and empowerment of women in microfinance, including providing specialised advice to the Ministry of Women & Children’s Affairs to enhance women micro-entrepreneurs’ access to financial and non-financial services as part of the Gender Responsive Skills and Community Development Project.

She established strong relationships with stakeholders from across the Ghanaian microfinance sector – including MFIs and their clients, the central bank, donors, national and local government departments – through experience coordinating a national consultative process for the development of Ghanaian microfinance policy.

She has experience in developing curriculum and facilitating online training course eg facilitated a semester Online training on Practical Microfinance for the Southern New Hampshire University US in 2009 and SMDP in 2013. She also served on the advisory board for the SMDP -Sustainable Microenterprise Development program -Carsey Institute(Southern New Hampshire University -US)

In the last four years (2017 – 2021) Mrs Fosu Quaye has spent time on promoting clean energy by leading the effort in liaising with various government agencies and external partners to establish the first small scale LNG virtual pipeline project in Ghana .

She currently serves on the Boards of Asa Savings and Loans , SERVACO PPs Limited – (Board chair person) and VIRL Financial Services  (Zimbabwe)

Virl Financial Services



Registered Microfinancier