Opportunity International gets 3-year Credit Suisse grant to expand mobile banks in Ghana, other countries

Savings and loans company, Opportunity International (OI) has secured a three-year grant from Credit Suisse to expand its mobile banks service, point-of-sale (POS) devices and cell phone banking in the most remote areas in Ghana, Malawi, Mozambique, Uganda, Colombia and other developing countries.

The undisclosed grant from Credit Suisse’s Microfinance Capacity Building Initiative, OI says will help bring “access to savings accounts and small business loans closer to where its clients live and work, and helping to reduce travel times and transportation costs.”

The company will also use the grant to fund its Next Generation Microfinance Bankers training programme, which is designed to build a growing cadre of senior executives capable of establishing and operating successful banks for the poor in highly challenging environments in developing countries.

According to OI, it will need to hire approximately 7,000 new staff over the next five years, to add to its current base of 12,000 staff, to meet growing demand for the portfolio of financial tools it provides to more than three million people working their way out of poverty around the globe.

“We are delighted that Credit Suisse continues to support Opportunity in expanding access to financial tools for the world’s poorest citizens through the ongoing deployment of cutting-edge technologies, and now through our Next Generation Microfinance Bankers Programme,” said Dennis Ripley, Senior Vice President of International Business Development for Opportunity International in a statement.

By Ekow Quandzie