Banking on Africa

You may ask... Why Build Banks? Why is this important? Why is this Needed?

Imagine what the world would be without banks—no savings, no credit, no money transfers, no ATMs, no safe place to keep your money. That is the reality for some three billion people who live every day without the financial services we take for granted. This is why Opportunity focuses its time on building banks in some of the poorest regions of the world. 

Opportunity has established itself as a global leader in building scalable, sustainable and accessible banks throughout the developing world. Since 2001, Opportunity has established itself as a global leader in building scalable, sustainable and accessible banks throughout the developing world. Today, Opportunity owns 15 formal financial institutions including seven banks. Behind this ambitious endeavor is our team of international finance experts, recruited for their depth of knowledge and their passion for our mission.

Opportunity banks, whether mobile, satellite kiosk or full service branch, provide loans,savings and insurance products tailored to the specific needs of each region. For those living in poverty, Opportunity’s economical and efficient branches reach into markets where there is little or no other banking available.

Opportunity banks offer the professionalism and security of a commercial bank, but also focus on serving those living in poverty with customized products and services, and superior customer care. Permanent financial institutions open the door of opportunity for clients who were previously excluded, granting them access to the services they need to achieve their goals and work their way out of poverty.

Opportunity International has a bold vision to bring life changing financial services to five million impoverished people in sub-Saharan Africa. We are working toward the day when all Africans can safely deposit their savings, access capital to grow their businesses and purchase affordable insurance to protect their assets—with all these services readily available in their own communities.

Opportunity International is 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. 

We are leveraging technology to reach the most marginalized families in rural regions

Mobile bank vehicles, cell phone banking, ATMs and point of sale devices allow Opportunity to deliver customized services virtually anywhere, enabling us to extend our reach to rural and remote areas with efficiency and affordability. During the first half of 2011, Opportunity improved access to financial services for thousands of families.

• Opportunity Ghana brings the bank to the doorstep of rural poor families with two mobile banks while Malawi operates a fleet of ten. Rwanda and Uganda each serve rural clients with one mobile bank and Opportunity Mozambique plans to add additional mobile banks to the six now in service.

• Opportunity Ghana and Uganda have issued more than 13,000 biometric smart cards making it possible for clients to access their accounts within their local markets and shops. Ghana and Malawi are implementing cell phone banking, allowing clients to conduct transactions right from their business or home.

• During the first six months of 2011, Opportunity Uganda opened a branch in rural Mubende, bringing the total number of branches to 11 and Malawi is reaching rural families through two new satellite branches and an additional kiosk in addition to point of sale devices at 57 merchant shops, 28 ATMs and via cell phone banking.