Business News of 2014-01-28

Opportunity International to deepen financial literacy

Opportunity International Savings and Loans Limited (OISL) has launched its 10th anniversary celebration with a call on staff to help deepen its financial literacy educational strategy nationwide.

Mr. Kwame Owusu-Boateng, Chief Executive Officer (CEO) of OISL, explained that the company -- which is the first to introduce a public address system van for financial literacy education -- will this year expand its operation through implementation of a vigorous financial literacy strategy.

“I truly believe that together we will continue to accomplish significant work for the greater good and lead the change to achieve our goal of reaching 1 million clients in 2020.”

Mr. Owusu-Boateng, speaking under the theme ‘Clients at the centre of our businesses’, said the financial institution has become successful because it was built on strong values such as commitment, humility, respect, integrity, stewardship and transformation.

He commended stakeholders including past CEOs of OISL and its governing board, as well as clients and vendors, for ensuring the success story.

Commenting on the company’s financial performance, he said as at last year the company’s loan portfolio had increased to GH¢73million representing 196 percent growth from the 2010 figure of 24.7 million, which deposit balance recorded GH¢61.25million -- representing a 175 percent rise.

The total loan clients now stands at 69,369 representing 62 percent growth, and total deposit clients currently is 343,930 representing 88 percent growth. The branch network has increased from 3 in 2004 to 35 outlets, and spread across the length and breadth of the country.

The activities lined up for celebration of the anniversary include a financial literacy campaign, microfinance forum, clients’ appreciation week, and deposit mobilisation campaign.

The rest are sporting activities with other microfinance institutions, social responsibility initiatives, and an anniversary dinner and open media day.

OISL is part of Global Network, a coalition of organisations founded by Al Whittaker Bristol Myers in 1971 to take action against poverty with the belief that the poor need an opportunity to work and be productive.

It was granted licence by the Bank of Ghana to operate in June 2004 and started work in September of that same year.

Source: B&FT
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