Opportunity International, a US-based organization with a microfinance program based in Malawi, announced that it will be expanding its savings-based microfinance services in Africa as part of its “Banking on Africa” campaign, which mainly targets small – scale farmers and other entrepreneurs in rural Africa.
The company plans to expand the program, which reportedly has 605,000 clients, to Ghana, Tanzania, Uganda and Mozambique.
The campaign aims to provide savings services through satellite banking branches and mobile banking services, among other channels.
About Opportunity International:
Based in the United States, Opportunity International was founded in 1971. It provides small business loans, savings, insurance, and training to approximately two million impoverished people. Opportunity International operates in 13 countries spanning across Latin America and Africa.
According to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, Opportunity International Bank of Malawi (OIBM), Opportunity International?s Malawi program, reports a gross loan portfolio of USD 30.4 million, total assets of USD 56 million and 45,275 active borrowers as of 2009.
By Trevor Kwong, Research Assistant
Sources and Additional Resources:
[1] Source Article: Opportunity International: Opportunity International Creates Community Banking in Rural Africa:
http://www.opportunity.org/press-releases/opportunity-international-creates-community-banking-in-rural-africa/
[2] MicroCapital Universe: Opportunity International:
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International#Description
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/tiki-index.php
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