Opportunity International, a US-based nonprofit organization with a focus on microfinance, has received a three-year grant of unspecified size from Credit Suisse’s Microfinance Capacity Building Initiative, a Credit Suisse program that aims to contribute to the strengthening of microfinance institutions.
Opportunity plans to use the grant to further develop its mobile phone banking services, increase the number of point-of-sale (POS) devices which clients can use to conduct business transactions at non-bank retailers and grow its mobile bank services, in which mobile banks equipped with netbook computers travel to communities that do not have access to traditional banks. The grant will largely focus on expanding these services in Ghana, Malawi, Mozambique, Uganda and Colombia. An unspecified portion of the grant will also help fund Opportunity’s Next Generation Microfinance Bankers training program, which will create and implement training programs for loan officers and customer service staff.
At the end of 2010, Credit Suisse reported total assets of USD 1.1 trillion. For the same year, Opportunity reported total assets of USD 150 million, and as of 2012 it has 44 partner microfinance organizations.
About Credit Suisse
Credit Suisse is a global financial services company that was founded in 1856 and has its headquarters in Zurich, Switzerland. Credit Suisse provides advisory services and financial products to institutions and individuals around the world. As of December 31, 2010, Credit Suisse reported total assets of USD 1.1 trillion.
About Opportunity International
Based in the United States, Opportunity International is a nonprofit organization that was founded in 1971. Today, Opportunity International provides small business loans, savings, insurance and training to approximately two million poor people in 24 countries in Africa, Asia, South America and Eastern Europe. As of December 31, 2010, Opportunity International reported total assets of USD 150 million with an annual revenue of USD 32 million.
By Charlotte Newman, Research Associate
Sources and Additional Resources:
MarketWatch: “Opportunity International Gains Funding to Expand Technology and Training Programs, Provide Financial Tools to the World’s Poorest Citizens,” http://www.marketwatch.com/story/opportunity-international-gains-funding-to-expand-technology-and-training-programs-provide-financial-tools-to-the-worlds-poorest-citizens-2012-01-24
MicroCapital.org story, January 17, 2012, “MICROCAPITAL BRIEF: responsAbility Lends $3m to Microfinance Institutions Advans Cameroun, Opportunity International Bank of Malawi,” https://www.microcapital.org/microcapital-brief-responsability-lends-3m-to-microfinance-institutions-advans-cameroun-opportunity-international-bank-of-malawi/
MicroCapital Universe Profile: Credit Suisse
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MicroCapital Universe Profile: Opportunity International
https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Opportunity+International
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