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Compassion International Invests USD 5 Million in Opportunity International to Develop Microfinance in Africa
Written by: David SatterthwaiteArticle Overview: Compassion International, one of the world’s largest Christian child development organizations, will invest USD 5 million over the next five years in fellow Christian microfinance institution (MFI) Opportunity International. With this funding Opportunity International will expand its microfinance operations in Ghana, Kenya and Rwanda, offering microloans, savings accounts, insurance and business training to the families of Compassion-sponsored children and other community members.
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Free Download - Ugandan Government to Set up Laws for Regulating its Microfinance Sector By David Satterthwaite |
Compassion International Invests USD 5 Million in Opportunity International to Develop Microfinance in Africa
Compassion International, one of the world’s largest Christian child development organizations, will invest USD 5 million over the next five years in fellow Christian microfinance institution (MFI) Opportunity International. With this funding Opportunity International will expand its microfinance operations in Ghana, Kenya and Rwanda, offering microloans, savings accounts, insurance and business training to the families of Compassion-sponsored children and other community members.
The partnership in Africa between the two organisations began in October 2006, as reported by MicroCapital, when Compassion International awarded USD 180,000 to Opportunity International to open new microfinance operations in three rural areas in Uganda where Compassion-assisted families were concentrated. Since then, Opportunity International has made 25,219 loans worth more than USD 11.5 million in Uganda.
Compassion International was founded in 1952 as a non-profit that focuses solely on the needs of children. It works with more than 65 Christian denominations and nearly 4,000 indigenous church partners in Africa, Asia, Central and South America and the Caribbean. It serves over 900,000 children in 24 countries.
Opportunity International, founded in 1971, claims be to the largest Christian microfinance institution. It serves 960,000 poor entrepreneurs in 28 developing countries, via its network of local programmes. It made 1,465,106 loans in 2006, valuing USD 466 million altogether, with an average loan size of USD 172 (excluding Eastern Europe). Since 2000, it has established 17 formal financial institutions such commercial banks, development banks or credit unions, which can also accept deposits and investments, as well as borrow money. Opportunity also provides insurance via its Micro Insurance Agency, which has over 750,000 policyholders covering 3.3 million lives in 10 countries.
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About the Author: David Satterthwaite RSS for David's articles - Visit David's website  Click here to visit David's website   Central Bank of Nigeria CBN Approves Conversion of Community Bank into Microfinance Institution MFI The Citi Foundation Citigroups GrantMaking Arm Pledges USD 100000 to PlanetFinances Microfinance Training Programme in Middle East and North Africa Old Mutual and South Africas Department of Trade and Industry DTI Launch USD 129M Microfinance Initiative Isivande Womens Fund IWF AfriCap Microfinance Fund Attracts Notable Investors Including Nordic MicroCap BlueOrchard and Gray Ghost Raises Capital to $50m Black Investors PLC of Britain Lends $13m to Microfinance Institution MFI Kagisano of South Africa |
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