Opportunity International, a leading network of microfinance institutions in the world, has announced its expansion plans in the Democratic Republic of Congo (DRC) after getting a contribution of $250,000 from Tenke Fungurume Mining (TFM). This contribution is aimed at supporting the Opportunity DRC’s mission of providing safe community banking in the country besides providing small business loans and financial services to aspiring and struggling entrepreneurs.
Under its flagship “Banking on Africa” campaign, Opportunity International is planning to provide small loans to agricultural and non-agricultural borrowers at places in Africa that are far from any banking facilities let alone the loans. A community ban has already been launched in Kinshasa, the capital of the country.
Communities in this Sub-Saharan country are very much scattered with hardly any banking facilities. As per the data of US State Department, DRC had a per capita annual income of about US$171 in 2009. As far as banking facilities are concerned, only one percent of country’s population has access to basic financial services.
“In bringing our community banking system to the DRC, Opportunity International is breaking down barriers and providing its citizens with basic, safe and affordable financial tools,” said Bill Morgenstern, CEO, Opportunity International. “We are also able to provide struggling entrepreneurs with the chance for much needed capital to grow their businesses and stimulate the local economy. Opportunity would not be able to achieve its goal of opening its first bank in the DRC without the support of donors like TFM. We look forward to helping fuel the kind of economic growth that will support a brighter future for the country’s working poor.”
Opportunity International has its presence in more than 20 countries providing microfinance services in the form of small business loans, savings, insurance and training to over two million people. It has been quite successful in raising the quality of life for millions of poor people in the developing countries.
Source: http://www.opportunity.org
