Poor entrepreneurs in Rwanda may have a chance of expanding their business and start saving for the future, Rwego Opportunity Microfinance management has announced.
The president of Opportunity International, one of the world’s largest and fastest growing microfinance institutions says the poor in Rwanda will access funding easily to finance their ongoing projects and start-ups.
Opportunity International has a stake in the Rwanda based Rwego Opportunity Microfinance.
“Low income earners will now have a chance of saving their money properly other than hiding it in pots or holes rendering it dead capital,” Christopher A. Crane, the president Opportunity International said.
This was announced during celebrations to mark one millionth client on September 3 at the country head offices in Kigali.
A year ago, Opportunity International got a licence to operate in Rwanda, and two months ago they merged with Urwego Microfinance that was already operating in 27 out of the 30 districts in Rwanda.
Opportunity is not only stopping in Rwanda.
“We intend to have a sub-Sahara chain of microfinance banks open to every one rich or poor,” Crane said.
Urwego Opportunity Microfinance requires one to have only Frw1000. Costs of passport size photographs are met by the bank.
This bank intends to provide small loans -- sometimes as little as $50 -- as well as banking, insurance and other financial services.
This is to allow poor entrepreneurs to start or expand a business, develop a steady income, provide nutritious meals and education for their children and create jobs for their neighbors.
According to the opportunity international annual report of 2006, the establishment intends to mobilize $1 billion by 2012 and at the heart of the champagne are private donors who will account for $250 million in contributions.
The Rwego Opportunity Microfinance acting chief executive officerTodd Brogdon says that the future of the establishment is certainly bright and that the only challenge is the managing to combine and control the current staff in order to attain the required level of efficiency.