By Lauren Thorn | Online Community Manager
Opportunity Uganda’s operations are expanding to empower thousands of marginalized individuals. Opportunity currently reaches more than 27,000 clients with loan services and upwards of 105,000 Ugandans hold savings accounts. Savings outreach grew by 20% in the first half of 2014 alone. Three new branches were opened in 2013, and now clients all over Uganda have access to Opportunity’s services offered in 19 branches. In addition to new branches, cell phone banking and additional ATMs and mobile banking vehicles were introduced in 2014 and have increased accessibility to financial services for clients ranging from smallholder farmers to school proprietors.
Financial services enable clients to improve their businesses, gain access to education, provide adequate nutrition for their families and transform their communities. Given this information, Opportunity recognizes the need to improve financial literacy so that clients are able to make the most of the loan, savings and insurance products Opportunity offers. In addition to the traditional four week loan orientation program for new clients, Opportunity Uganda has launched a financial literacy “soap opera” training series that is broadcasted via radio and television in local languages. This creative training mechanism has gained popularity, and viewers and listeners find it both funny and informative. Opportunity’s financial training is not limited to adults; The Youth Financial Education program was recently launched in Uganda to provide financial education and employability training to youth. Opportunity has partnered with education organization Aflatoun, whose curriculum provides students with training on basic financial and enterprise-related themes, encouraging student commitment to education and employment.
The new training modules inform clients about how best to use the variety of financial products Opportunity offers. Recently added products have been designed to increase child saving and improve access to education. Opportunity Uganda has introduced a Child Savings Account, allowing a parent or guardian to open an account for their child. The account restricts withdrawals to one per month to encourage long-term saving to use toward costs like education. The Education Finance initiative has provided School Improvement loans for 108 school proprietors and has assisted 4,552 families with School Fee loans to cover education costs. Opportunity continues to serve thousands of Ugandan clients with a wide range of financial services and training programs developed to help empower the marginalized to rise out of poverty.
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