Opportunity International (OI), a global network of microfinance institutions (MFIs) in 24 countries, has celebrated the grand opening of its operations in the Democratic Republic of Congo (DRC). OI DRC is seeking to provide affordable financial services to the country’s working poor through a network of community banks.
The grand opening ceremony was held in Kinshasa and attended by local government officials, OI representatives from DRC and the United States as well as donors and supporters. Central Bank of the Congo Governor Jean-Claude Masangu Mulongo stated, “The establishment of Opportunity International’s network of microfinance institutions here in the DRC is an important step toward improving the economic prosperity of our citizens, and I am excited about the impact that improved access to financial services will have on the growth of our economy and the expansion of commerce within the DRC” [1].
Within the first three years of operations, OI plans to establish four full-service branches, mobilize USD 4.7 million in savings from 24,000 depositors and disburse approximately 47,000 small business loans.
As of year-end 2009, Opportunity International had total assets of USD 567 million, a gross loan portfolio of USD 388 million and 1.3 million active loans.
By: Alexandra Pattee, Research Associate
About Opportunity International: Based in the United States, Opportunity International is a nonprofit organization that provides small business loans, savings, insurance and training to approximately two million impoverished people in 24 countries in Africa, Asia, South America and Eastern Europe. As of year-end 2009, Opportunity International had total assets of USD 567 million, a gross loan portfolio of USD 388 million and 1.3 million active loans.
Sources and Resources:
[1] Opportunity International Press Release, “Opportunity International Celebrates Its Grand Opening in the Democratic Republic of Congo”, http://www.opportunity.org/press-releases/opportunity-international-celebrates-its-grand-opening-in-the-democratic-republic-of-congo/
MicroCapital.org Article, May 6, 2011, “Opportunity International to Receive Grant of $2.5m from United Nations Capital Development Fund’s (UNCDF’s) MicroLead Program to Begin Microfinance Services In Democratic Republic of Congo”, https://www.microcapital.org/microcapital-brief-opportunity-international-to-receive-grant-of-2-5m-from-united-nations-capital-development-funds-uncdfs-microlead-program-to-begin-microfinance-services-in-democratic-republic-of-co/
MicroCapital Universe Profile: Opportunity International, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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