Business News of 2014-01-27

Opportunity International posts impressive growth

Mr Kwame Owusu-Boateng, Chief Executive Officer of Opportunity International Savings and Loans Limited (OISL) on Saturday said the financial institution is making significant growth.

He said, as at the end of 2010, the loan portfolio of OISL was GH¢ 24.7 million, deposit balance GH¢ 22.3 million, total loan clients GH¢ 41,470 and total deposit clients was GH¢ 183,053.

He indicated that OISL recorded significant growth as at the end of 2013 as its loan portfolio increased to GH¢ 73 million representing 196 per cent growth from 2010.

The deposit balance increased to GH¢ 61.25 million, total loan clients rose to GH¢ 69,369 and total deposit clients also shot up to GH¢ 343,930.

Mr Boateng made this known when OISL launched its 10th anniversary celebration at the plush Church of Pentecost Convention Centre at Kasoa in the Central Region on the theme: “Clients at the centre of our business.”

He said OISL has increased its branches from 3 in 2004 to 35 outlets across the country

“Our progress has been good and consistent and our accomplishments are many as we are the only savings and loans company that offer transformation as a core service and also the first to introduce a mobile van service in Ghana in 2010,” he said.

He said OISL has introduced biometric identification system to enable clients transact business in hassle free way and there is the availability of micro insurance to cover loans in collaboration with MicroEnsure.

“We are the only institution in Ghana to create a loan product for the disabled fraternity in 2013 and we are also the first to introduce cinema van for financial literacy education,” he added.

Mr Boateng said the excellent delivery of microloans to Small and Medium Enterprises and other category of business in Ghana enabled OISL to win the ‘Pillars of Modern Ghana Awards in 2013 by the New Ghanaian in the micro finance category, including many other prestigious awards.

He gave the assurance that OISL would continue to provide excellent service to its clients and hope to achieve a target of 1 million clients in 2020.

In a speech read on his behalf, Reverend Kwabena Darko, the first Board Chairman of OISL commended the financial institution for the success chalked out during the 10- year period.

He said OISL has transformed many lives in Ghana by making a good and lasting economic impact on the entrepreneurial poor.

Rev Darko urged management and staff of the OISL to continue working hard to facilitate further improvement and development.