Microfinance Opportunities (MFO), a microenterprise resource center based in Washington, DC, has announced a partnership with Opportunity International Bank of Malawi (OIBM), a Malawian microfinance institution (MFI) affiliated with US-based microfinance network Opportunity International, to implement its branchless banking program in Africa. OIBM joins Moble Transactions in Zambia, Financial Information Networks and Operation (FINO) Fintech Foundation in India and Rural Bankers Association of the Philippines (RBAP) in the Philippines as partners in MFO’s program, “Consumer Education for Branchless Banking” (CEBB).
Funded by The MasterCard Foundation, a Canadian foundation with approximately USD 3 billion in assets, CEBB is a USD 2.9 million, three-year initiative that seeks to test the effectiveness of financial education in supporting the uptake of branchless banking among low-income populations in Asia and Africa. Through CEBB, OIBM will seek to reach 30,000 clients and merchant agents with financial education.
Microfinance Opportunities Director of Financial Education Leslie Barcus stated, “OIBM has a strong commitment to financial education and experience in delivering it…. Microfinance Opportunities looks forward to collaborating with OIBM on educating its customers on bank cards and mobile phone banking, and how to make the most of these services to reach their financial goals” [1]. OIBM reports total assets of USD 56 million, gross loan portfolio of USD 30.4 million and 42,200 active borrowers.
By: Alexandra Pattee, Research Associate
About Microfinance Opportunities (MFO): Microfinance Opportunities (MFO) is a microenterprise resource center based in Washington, DC that promotes “client-led microfinance.” Established in 2002 as a nonprofit organization, MFO’s goal is to increase access to financial services. It focuses on financial education, microinsurance and client assessment. MFO works with partners in Africa, Asia, Latin America and Eastern Europe.
About The MasterCard Foundation: Based in Canada, the MasterCard Foundation is a private foundation with approximately CAD 3 billion (the equivalent of USD 2.9 billion) in assets as of 2010. The foundation’s goal is to enable people living in poverty to improve their lives with increased access to microfinance and education. The foundation was established in 2006 by a gift of shares from global payment processor MasterCard Worldwide during the company’s initial public offering.
About Opportunity International Bank of Malawi (OIBM): Opportunity International Bank of Malawi (OIBM) is a microfinance institution (MFI) based in Malawi. Originally an a member of the Opportunity International Network, OIBM was granted a full commercial banking license in 2002 and opened its first branch in 2003. OIBM targets economically active but marginalized Malawians living in underserved areas such as semi-urban and rural areas. OIBM reports total assets of USD 56 million, a gross loan portfolio of USD 30.4 million and 42,200 active borrowers.
Sources and Resources:
[1] Microfinance Opportunities Press Release, “Microfinance Opportunities Announces New Branchless Banking Partner in Africa”, http://www.microfinanceopportunities.org/docs/MFO%20Press%20Release–OIBM_FINAL.pdf
MicroCapital.org Article, January 2, 2011, “Microfinance Opportunities (MFO), MasterCard Foundation Announce Branchless Banking Partnership with MTN Ghana, Mobile Transactions of Zambia”, https://www.microcapital.org/microcapital-brief-microfinance-opportunities-mfo-mastercard-foundation-announce-branchless-banking-partnership-with-mtn-ghana-mobile-transactions-of-zambia/
MicroCapital.org Article, June 16, 2010, “Microfinance Opportunities (MFO) and The MasterCard Foundation Announce Partnership with Financial Information Networks and Operation (FINO) of India and The Rural Bankers Association of the Philippines (RBAP) for Branchless Banking Program”, https://www.microcapital.org/microcapital-brief-microfinance-opportunities-mfo-and-the-mastercard-foundation-announce-partnership-with-financial-information-networks-and-operation-fino-of-india-and-the-rural-bankers-associat/
MicroCapital.org Article, December 28, 2009, “Microfinance Opportunities, MasterCard Foundation Launch Campaign to Encourage Enduser Adoption of Branchless Banking”, https://www.microcapital.org/microcapital-brief-microfinance-opportunities-mastercard-foundation-launch-campaign-to-encourage-enduser-adoption-of-branchless-banking/
MicroCapital’s Microfinance Universe Profile: Microfinance Opportunities https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mic
MicroCapital’s Microfinance Universe Profile: MasterCard Foundation https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Mas
MicroCapital’s Microfinance Universe Profile: Opportunity International Bank of Malawi (OIBM), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International+Bank+of+Malawi
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: 24 Education Technology Startups in Kenya, Nigeria Joining Mastercard Foundation EdTech Fellowship
- MICROCAPITAL BRIEF: Diamond Trust Bank (DTB) to Offer Fintechs in Kenya Access to Mastercard Payment Cards
- MICROCAPITAL BRIEF: MLF Malawi Partnering with ADA, Grameen Credit Agricole to Develop Digital Finance for Women Farmers
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROCAPITAL BRIEF: MICT Buys Tingo, Expands Agritech to Ghana & Malawi, Connecting More Farmers with International Markets
