"Even walking on the streets, grateful customers - who could not previously access loans from big banks - consistently greet me, 'Woboaye', meaning 'You have helped us.'" --James Ephraim, Opportunity Branch Manager in Akim Oda, Ghana
In 2011, we're focused on specific microfinance endeavours in the following countries:
Ghana and Mozambique: This project's purpose is to increase the rural outreach capacity of Opportunity Ghana and Banco Oportunidade de Moçambique (BOM) in a cost-effective, sustainable manner.
Malawi: This project aims to help the Opportunity International Bank of Malawi (OIBM) offer a full range of financial services (savings products, agriculture loans, and crop insurance) to rural communities and smallholder farmers in Malawi.
Colombia: This project is designed to provide a range of microfinance services and transformational training to more than 6,000 entrepreneurs, with the objective to start Opportunity International's first finance company in Colombia in 2011.
Dominican Republic: This project’s focus is to open a new branch office in La Vega, Dominican Republic to offer microfinance services to small and medium-sized entrepreneurs. The new branch of Opportunity Dominican Republic is expected to help up to 400 new clients improve their lives through the provision of small business loans and training workshops on business topics and domestic issues. The total impact of the project is estimated to benefit over 1200 household members.
Rural Microfinance in Rwanda, Uganda, Ghana, Malawi and Mozambique: this project is focused on implementing innovative agricultural microfinance in rural communities across Africa. Opportunity’s banks in Ghana, Malawi, Uganda, Mozambique and Rwanda share a vision to transform the future of rural communities by reaching over 1.3 million savings accounts and 94,000 smallholder farmers with agricultural finance services by 2013.
As of June 2011, these five banks were collectively serving 174,155 clients with active loans, 37,483 of whom are smallholder farmers and rural or agriculture business operators. The biggest success story is Opportunity’s provision of savings, which continues in its significant upward growth trend with 717,331 savings clients in these five banks. This substantial surge in rural savings accounts is a sign that the poorest families can and will save when provided the appropriate tools, education and incentives.
In partnership with CIDA (the Canadian International Development Agency), Opportunity has been expanding into more rural areas of Ghana and Mozambique. By 2010, we launched one hub and two satellite branches (at a total cost of approximately $908,000). These branches are now providing financial services to 3,580 people.
In 2011, Opportunity Canada has plans to help Ghana and Mozambique open up two more satellite branches this year and two mobile banks - to reach even further into the hinterland. Join us to fulfill these dreams and unleash the entrepreneurial capacity of rural Africa!
Meet Cosmus Kowuoche, CEO of Opportunity Ghana:
"Even walking on the streets, grateful customers - who could not previously access loans from big banks - consistently greet me, 'Woboaye', meaning 'You have helped us.'" --James Ephraim, Opportunity Branch Manager in Akim Oda, Ghana