he lp i n g c o m m u n i t i e s
annual report j u ly 1 , 2 0 0 9 – J u n e 3 0, 2 0 1 0
OPPOSITE PAGE (from left): 1 Client Jemmalyn Alcantara, Manila, Philippines 2 Client using an Opportunity ATM in Blantyre, Malawi 3 Fresh produce at a market stall in Malawi 4 The work of client Maria de los Angeles Ordjonez, Valle de Angeles, Honduras 5 Client Dorothy Makupe and her baby Ethel, Mulanje, Malawi Photo by Zsofia Molnar 6 Students in Namirembe Hill Primary School, Kampala, Uganda
OPPORTUNITY INTERNATIONAL OUR MISSION is to provide opportunities for people in chronic poverty to transform their lives. OUR STRATEGY is to create jobs, stimulate small businesses and strengthen communities among the poor. OUR METHOD is to work through our indigenous partners to provide microfinance services, training and counsel.
OUR MOTIVATION is the call of Jesus to serve the poor. OUR CORE VALUES are respect, commitment to the poor, integrity, stewardship and transformation. OUR COMMITMENT is to serve men and women of all faiths and no faith.
Founded in 1971, Opportunity International is a non-profit microfinance organization that equips the economically marginalized with the financial tools they need—loans, savings, insurance and training — to work their way out of poverty. Opportunity International Canada partners with affiliate organizations in Australia, Germany, the UK and the US to raise and invest funds in Opportunity International’s microfinance initiatives throughout the developing world.
Opportunity Microfinance is not merely about a woman and her loan; it’s about community transformation from the bottom up.
Through nearly 40 years of experience, we’ve learned that small-scale entrepreneurs can be big change agents in overcoming global poverty. As a Christian organization we have found that the combination of financial services, spiritual fellowship and applied business training is a powerful antidote to the powerlessness and limitations that poverty creates. By lending to groups of entrepreneurs, Opportunity has been a catalyst for change. Today, thousands of our “Trust Groups” dot the developing world, creating a vast network where entrepreneurs can sharpen their business skills, build vital
relationships and rely on each other through difficulties. Increasingly, we are also broadening our offerings to meet community needs with services like agricultural loans, health insurance and savings accounts. Through the overwhelming support you continue to show, Opportunity International Canada has more than doubled its financial resources over last year. With such success our resolve to end poverty one working family at a time is only strengthened and reaffirmed. Thank you! PAULA A. CURTIS President & CEO
ROBERT VAN BEERS Board Chair
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A woman without identification gains status when she opens a savings account. An isolated farmer secures a loan at a mobile bank within a five-minute walk from home. A family acquires health insurance for the first time.
Malawi farmer Jakobo Chikayiko (left) discusses his groundnut crop with loan officer Chabubo Mzuma. In 2002, Jakobo lost his father to starvation during a drought. Now, no matter what the rainfall, Opportunity crop insurance protects his family from this risk.
These life-altering events are the result of Opportunity International’s targeted approach to provide loan, savings and insurance products for those who have little or no access to services. By building local financial infrastructure, we break down barriers and help people overcome challenges like geographic isolation, illiteracy and prohibitive transportation costs. Given the tools to pursue opportunities and protect their families from risk, these small-scale entrepreneurs are empowered to take an active role in driving their local economies.
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our efficient delivery channels help us serve millions of clients: • Satellite branches and mobile banks reach clients in previously unserved areas, like rural farming villages and sprawling urban markets. • Cards using biometrics provide secure access to finances— even for those who lack formal identification. • Convenient ATMs and point-of-sale (POS) devices offer the only safe method for transactions in many markets. • Cell phone technology gives clients in remote locations affordable, reliable access to their accounts.
Photo: Zsofia Molnar
In Malawi, a client uses an Opportunity ATM equipped with biometrics to access her savings.
One of millions displaced by violence in Colombia, client Argelia Ramirez (right) says, “Now I feel safe and grateful to God for my new life.”
providing hope amidst devastation To help bring stability to countries deeply affected by long civil wars, Opportunity is building banking infrastructure where virtually none existed. In the Democratic Republic of Congo, a main branch is soon to open. In Colombia, 13 branches are reaching displaced persons and others living at the margins of society. Insuring access to health care For impoverished families in India, Opportunity is offering affordable health insurance that covers pre-existing illness and provides inpatient hospital treatment. Clients receive care on a cashless basis by paying a small weekly premium that totals just $10 per year.
Building support for farmers Opportunity is creating a sustainable framework that increases food security and expands access to financing for agriculturally based communities in Africa. To help farmers achieve higher productivity and protect them from loss, our strategy includes agriculture-specific loan products, crop insurance, more effective fertilizers, drought-resistant seed and technical assistance to improve farming practices. We also guide them through the distribution process, providing linkages to agricultural markets.
ACCESS a powerful safety net
above right Opportunity’s mobile bank in Mkanda, Malawi.
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Padmavathy (right) was surprised and relieved when Opportunity insurance covered her daughter’s urgent surgery. Not only did she receive the care she needed, but Padmavathy was spared the burden of a significant debt. Here she reviews insurance forms with her loan officer, Rajeswari.
Loan officer Valamarthi (left) helped Deepa, a client from a marginalized gypsy community, start a container business.
A child learns to read and breaks a cycle of illiteracy. An unemployed mother starts a business and gains the courage to lead. A street vendor hires a neighbour and contributes to local trade. Opportunity International services tap into the individual potential that makes these transformative experiences possible for those living in poverty. We provide the tools they need to develop capacity to the fullest —an array of financial products reinforced by educational programs and business training. Given the freedom to learn new skills, pursue dreams and improve their lives, our clients feel validated, listened to and cared about. With their confidence and courage bolstered, even the most vulnerable can become powerful, active citizens creating lasting change in their families and communities. Trust Group members Rubi Anillo (left) and Sandra Marquez record their weekly loan payments in San Jacinto, Colombia.
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Fostering personal growth Opportunity Trust Groups help individuals break free from the limitations of poverty. They promote solidarity among a group of entrepreneurs, usually women, who guarantee each other’s loans and support one another. Participants benefit from deep connections with their group and loan officers as they experience previously unimaginable growth in their lives. Many become employers and role models. Serving as mentor, advocate and trainer for Trust Group members, Opportunity loan officers like Valamarthi, pictured above, develop as community leaders. With a heart for the most needy, she is passionately involved in her clients’ lives and has become instrumental in building her local economy.
Cultivating local leaders Opportunity International is helping equip hundreds of talented college graduates, loan officers and managers in microfinance institutions with the skills they need to make a difference in their communities. Through the Emerging Leaders Program, young women in eight African countries receive training in banking and finance to establish or advance in a microfinance career.
above: Opportunity managers attend leadership classes at Strathmore University in Nairobi, Kenya.
Banking on Education For families living in poverty, our school fee loans and tuition savings accounts help parents afford tuition. These accounts also earn interest and guarantee assets if a child loses his or her guardians. For educational entrepreneurs, we offer long-term loans of up to $25,000 along with customized business training. These ambitious proprietors scale up their schools by adding classrooms, improving infrastructure and hiring qualified teachers. With higher quality schools, children benefit from improved nutrition, sanitation and clean water. Opportunity has pilot programs in Ghana, India, Malawi, Uganda and the Dominican Republic.
PotE potential above
Students at Bright Community Nursery and Primary School in Kyebando, Uganda.
right
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Emmanuel Zakia, one of two family members employed by loan client Kagimu Ceasar, makes paintings for tourists in Kampala, Uganda.
Client Milly Nassuna makes a savings deposit at Opportunity’s bank branch near the Kalerwe Market.
In Kampala, Uganda, Godfrey Lutwama, Ruth Nassimbwa and Nuulu Nankya secure loans, buy and sell goods, hire neighbours and deposit profits in savings accounts— making loan capital available to others. Every day, the financial activity of Opportunity clients like Godfrey, Ruth and Nuulu catalyzes local commerce and contributes to the larger economy of the city. Led by their loan officer Charity Namutebi, these Trust Group members develop strong connections and learn new business skills while using Opportunity services to improve their lives and strengthen their communities.
Shown here meeting with Godfrey Lutwama at his stall, loan officer Charity Namutebi says that helping others thrive is her way of serving God.
With five Opportunity bank branches in Kampala and numerous locations throughout the country, Uganda is benefiting from our initiative to reach five million new clients in Africa by 2015. Here, and in more than 20 other countries around the world, Opportunity plays an integral role in building vibrant commerce and thriving communities.
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Helping Godfrey build on success With Opportunity loans as the impetus, Godfrey has made dramatic strides in life and gained status in his community. From one small fruit stand, he now has a second run by his wife and a third by an employee — all selling produce he has grown or purchased from local farmers. Along with a home for his family, he constructed 18 rental units and now has the safety net of an Opportunity savings account and loan insurance. With his profits, Godfrey sends his four children and six fatherless relatives to school. Godfrey’s capacity to provide food and housing options for his community has brought his family prosperity he could only have imagined just a few years ago.
Client Ruth Nassimbwa signs paperwork at the weekly Progressive Trust Group meeting.
Supporting Ruth with tools to expand Ruth was in business for years, but until she received an Opportunity loan in 2006, she had difficulty purchasing inventory for her Kalerwe Market stall. A true entrepreneur, Ruth expanded from selling groceries to operating her own restaurant. Now repaying her tenth loan of $779, business is stable, the loan is insured and her income has more than doubled. All of her five children attend school, the two youngest at Ladybird School across the street from her stall. Ruth has also created income for others by hiring four employees and buying her supplies from Opportunity clients and other local vendors.
Equipping Nuulu for business and life Nuulu, a preschool teacher and mother of three, has been an Opportunity client for 14 years. During that time, she has taken advantage of almost everything we have to offer — from loans to savings to insurance products. Business loans helped her develop a stall at the Kalerwe Market to sell cold fruit drinks. School fee loans made it possible for her to provide an education for her children. Life insurance and a savings account give her family security they have never known. Today, Nuulu is a respected local leader and founder of a Trust Group of traders who look to her as counsellor and advocate.
CATALYST above
Opportunity client Nuulu Nankya teaches preschoolers at Ladybird School, adjacent to the Kalerwe Market.
right
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Client Margaret Nassozi sews Ladybird School’s uniforms as well as dresses at her tailor shop just outside the school.
Totals include Montenegro Bank, sold March 2009. = totals Without Montenegro bank
The generosity of our supporters has helped Opportunity clients and their communities thrive in 2009. The following highlights reflect our overall global operations, to which Opportunity International Canada is a supporting contributor, alongside affiliate organizations in Australia, Germany, the UK and the US. 1,357,828 active loans allow clients to
95% loan repayment rate allows us to
develop businesses, increase incomes, provide for families and create jobs for neighbours.
keep more money circulating in new loans.
562,101 savings accounts give clients
11,501 staff members, 99% of whom
a secure place to save and grow earnings.
are nationals, serve our clients in more than 20 countries.
1,016,507 microinsurance policyholders
6,515 loan officers are at the heart of
protect their families with life, health and crop insurance.
our work, offering support and counsel to every client.
$138 is the average first loan for
$567 million in assets, including a loan portfolio of $388 million, represents significant capital used to build under-resourced communities.
Trust Group members who collectively share risk and guarantee repayment.
84% of loans are made to women, who improve the quality of life for their families.
1,183,207 clients receive transformative training to develop business skills and enhance personal growth.
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ACTIVE LOANS
820,669 832,298
2005
(as of year-end)
933,189 960,840
2006
1,079,498 1,121,786
2007
1,222,155 1,266,144
2008 2009
0
.8
.9
1.0
1.1
1.4
millions
SAVINGS ACCOUNTS
61,606 94,747
2005
1,357,828 1,357,828 1.2 1.3
(as of year-end)
107,931 2006 158,058 337,343
2007
411,068 483,968
2008 2009
0
100
200
300
562,101 562,101 500
600
thousands
insurance policies
338,131
2007
400
566,872
(as of year-end)
556,382
2008 2009
1,016,507 0
250
500
750
1,000
thousands
The global metrics listed here are based on the calendar year 2009 and the US dollar.
Giving that Multiplies How a single contribution creates a cycle of economic growth
Every $100= $14 7 Gifts are leveraged by client savings and commercial borrowings to significantly increase the size of our loan pool and provide additional funds for our work. On average, over the past five years, for every $100 contributed, the initial Multiplier Effect amounts to $147.
communities prosper
Our mobile banking in the Rwamagana District of Rwanda serves remote clients.
Dollars are recycled as loans are repaid and the money benefits an ever-growing number of clients and their families.
new income is generated
Communities prosper as new income is reinvested to grow businesses, employ neighbours and enrol children in school — creating an economic cycle of growth for every dollar contributed.
Our Priority Countries
Other countries in which we serve
Colombia
China
Democratic Republic of Congo
Dominican Republic
Ghana
Indonesia
India Kenya Malawi Mexico Mozambique
“ M icrofinance is one of the only poverty alleviation methods the developing world is actually asking for. I have seen it in action and can attest
Philippines Rwanda
that Opportunity’s work is revitalizing impoverished communities from the bottom up.”
South Africa Tanzania
—Robert Lawless, Retired Chairman and CEO, McCormick and Company
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Uganda
Honduras Macedonia Montenegro* Nicaragua Peru Romania Serbia Zambia Zimbabwe * bank sold in 2009
financials STATEMENT OF FINANCIAL POSITION (Summarized)
For the year ended june 30, 2010
2009
ASSETS Current Cash Accounts receivable Other Total current assets
$ 857,440 345,236 22,408 1,225,084
$ 1,378,043 55,662 1,974 1,435,679
Capital assets Total assets
153,831 $ 1,378,915
40,870 $ 1,476,549
LIABILITIES AND FUND BALANCES Current liabilities Accounts payable and accrued liabilities Fund balances Investment in capital assets Restricted Unrestricted Total fund balances
$ 222,157
$
67,517
69,427 847,517 239,814 1,156,758
40,870 455,958 912,204 1,409,032
$ 1,378,915
$ 1,476,549
For the year ended june 30, 2010
2009
Total liabilities and fund balances
STATEMENT OF OPERATIONS (Summarized)
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RESPONSIBILITY FOR FINANCIAL REPORTING BOARD OF DIRECTORS The financial statements for the year ended June 30, 2010 have been approved by the Opportunity International Canada Board of Directors which has overall responsibility for their content.
MANAGEMENT The financial statements have been prepared by management, who is responsible for the integrity, objectivity and reliability of the information contained therein. Our financial statements have been prepared in accordance with Generally Accepted Accounting Principles, and management has made best estimates where deemed appropriate.
AUDIT COMMITTEE The audit committee oversees management’s responsibility for the financial reporting and the internal control systems. The committee consists of members of the Board of Directors who are not involved in the daily operations of the organization. The committee meets with management and the external auditors to review the audit findings; to satisfy itself that all audit responsibilities have been properly discharged; and to review and to recommend approval of the financial statements to the Members of Opportunity International Canada.
EXTERNAL AUDITORS
Revenue Donations and event revenues CIDA grant Interest and other Total Revenue
$ 6,246,627 409,933 52,634 $ 6,709,194
$ 2,927,952 230,000 14,554 $ 3,172,506
EXPENDITURES Disbursement to International Programs Oversight, Monitoring and Research Canadian Management
$ 4,882,564 797,296 1,281,608
$ 1,499,012 666,052 1,082,748
Total Expenditures
$ 6,961,468
$ 3,247,812
For the year ended June 30, 2010, Collins Barrow KMD LLP was appointed by the Members to examine the organization’s financial statements.
* These unaudited summarized Financial Statements are based on the Audited Financial Statements. Copies of the Audited Financial Statements for the year ended June 30, 2010 are available upon request. Please contact us through e-mail, info@opportunityinternational.ca, or by phone, 1-877-867-2448.
at 17, Jorge yepes learns about business at Opportunity’s Entrepreneurship training program in Colombia.
Joining with Compassion to help disadvantaged youth in colombia In the spirit of Jesus’s call to serve the poor, Compassion International and Opportunity International are collaborating to impact lives in Colombia, Ghana and Uganda. In a pilot program, 400 young people will learn about entrepreneurship, business and technical skills as well as financial literacy, as a way to explore career options or create income for education expenses. The program will serve teenage children of Opportunity clients and Compassion International youth. Those with a viable business plan will receive a small loan, preparing them to apply for larger business loans as adults.
financials MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL STATEMENTS Overview
Expenditures
This year, Opportunity International Canada (OIC) received a harvest after many years of sowing and cultivating the seeds of awareness, public engagement and advocacy for the working poor in the developing world. This past year, OIC concentrated its efforts in four areas:
Disbursement to International Programs (71% of Total Expenditures): Due to the increase in revenue, more funds have been disbursed to Opportunity International Implementing Partners in various countries. Contracts for services are negotiated between OIC and the Implementing Partners, with funds allocated to infrastructure, staff training, operating expenses, transformation and seed funding for microfinance loan portfolios.
1. Colombia—Funds were raised to support Opportunity International Latin America’s expansion of services to displaced persons and its Financial Literacy and Youth Entrepreneurship Training Programs. Also, funds were raised to assist with the banking license application fee and initial capitalization for a Regulated Financial Institution.
Oversight, Monitoring and Research (11% of Total Expenditures): This expenditure category includes program monitoring and oversight costs; provision of awareness and public engagement programs; and contributions to the Opportunity International Network’s support services for establishing and managing Opportunity International banks and providing a full range of technical services and research and development to the members of the Opportunity International Network.
2. The MasterCard Foundation Partnership —This partnership was formed during the year and together with Opportunity International US and the Bill & Melinda Gates Foundation, we commenced the groundbreaking work of agricultural finance in Malawi, Ghana, Mozambique, Rwanda and Uganda.
Canadian Management (18% of Total Expenditures): These are expenses incurred in governance (2%), fundraising (8%), and general and administrative (8%) activities for the Canadian operations. OIC endeavours to keep these costs to a minimum, while still ensuring effective management and stewardship of the resources entrusted to it.
3. CIDA Project —Under a partnership agreement signed in 2008, we continued with a three-year project with the Canadian International Development Agency (CIDA) to establish and operate innovative microfinance programs in Ghana and Mozambique. 4. Capacity Building/Infrastructure Development —The Board of Directors and staff are committed to sustainable growth and therefore have continued to invest in OIC’s infrastructure to ensure the revenue streams and expenditures on International Programs, Oversight, Monitoring and Research for International Programs and Canadian Management are properly managed.
Revenue OIC’s revenue increased by 112% over revenue received in Fiscal 2009. The MasterCard Foundation provided $2.4M in funding, representing the first instalment of the $8M (US) agricultural finance project to be completed by December 2013. Also, several major gifts amounting to $1.3M were received during the current year —the result of fundraising efforts conducted in previous years. We are grateful to our faithful donors who have continued to generously support OIC through the difficult economic times of 2010.
revenue
expenditures CIDA Canadian Management
The MasterCard Foundation Individuals Private Foundations and Charities Other Businesses
Oversight, Monitoring and Research (International Programs)
Latin America (Colombia)
Africa (Ghana, Mozambique, Rwanda, Uganda, Malawi)
Charitable Programs— 82% Canadian Management—18%
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governors council
board of directors
alberta
Ontario
Algar, Bob & Joyce Asman, Kimberly & Kevin Bailly, Cathryn Chugg, Barry & Hanson, Roslyn Morgan-deBruyn, Janet Dufault, Don & Amay Flaaten, Rosemary & Norlee French, Mike Fry, Kristin Haug, Gary & Myrna Herbert, Jim & Linda Hughes, Tod Kirby, Wanda Lee Wing, Maria McIvor, Ken McLean, Howard & Janet McLean Wiest, Beth & Reid Ogle, Kevin & Cathy Ponto, John Rickard, Steve Thorpe, Peter Wiens, Bob & Marlene Wilson, Brian & Shelley
Abouchar, Abigail & Andrew Allen, Norm Bowey, John & Susan Cahill, Chris & Lori Day, Anne Dueck, Lorna Field-Marsham, Marilyn Horwood, John & Rebecca Jackson, Lorne & Doris Johnston, Hugh Jones, Roberts Ketelaars, Rebecca & Andy Lawson, Gordon & Gillis-Lawson, Susan Lougheed Yawney, Ruby Mackey, Lloyd & Edna Martin, Keith & Jennifer Patterson, Joan Pegg, Shane & Maria Petersen, Carol Petersen, Mark & Karen Ruban, Karl Sandhu, Paul & Teresa Schroeder, Harold Sinclair, Tim & Danielle Smith, Edmund Smith, Wendy Sousa, Lucy Tobias, Rick Tory, John Tyers, Paul & Peggy Vanderkooy, Joan & Jack Van Es, Tony & Pat Welfred, Bernie & Sandi Young-Marcellin, Julie
John de Bruyn, CA President, John de Bruyn Professional Corporation Canmore, Alberta
British Columbia Block, Henry & Laura Brinkhaus, Gisela Cook, Russ & Karen Cooper, Tom Dahl, Betty Kaulius, Eugene & Mary-Lynn Ledingham, Bruce Loader, Honorine Manolescu, Sandra Osman, Sandy & Ken Owen, Philip & Brita Pennoyer, Greg Phillips, Dave & Kathy Schurch, Sylvia Torrison, David & Colleen Willock, Bernie & Marlene
Manitoba Buller, Herb & Erna
Laura Hughes, LLB Calgary, Alberta Dianne Ledingham Vice President Ledingham Management Ltd. Vancouver, British Colombia
Dale E. Patterson President, The Burton Group Toronto, Ontario Brian Peters President & CEO CMA Holdings Incorporated Ottawa, Ontario Robert van Beers—CHAIR COO, Tonbridge Power Inc. Toronto, Ontario
Heiner Ophardt President, Hygiene Technik, Inc. Vineland, Ontario
Honourary Directors David Bussau Honourary Director; Co-Founder, Opportunity International Australia Ross Clemenger Honourary Director; Issued first Opportunity loan in 1971 Edmonton, Alberta David Stiller Board Director Emeritus and Founder Opportunity International Canada London, Ontario
young ambassadors for opportunity (yao)
Quebec Briscoe, Rob & Suzanne Ducharme, Martin Lafontaine, Margarita
international Hemerling, Jim & Nicola Lesslie, Jane Master, Dhiren & Shweta List is current as of September 2010.
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This year, Opportunity International Canada launched a movement to unite the growing number of young leaders (aged 18-35) who are excited about microfinance. Young people from across the country are coming together to dream and develop meaningful ways to support those living in chronic poverty around the world. Through regional grassroots efforts, YAO is raising awareness and funds to expand microfinance services and training in the village of Arjona, Colombia. To join YAO, visit www.opportunityinternational.ca/yao.
YAO Member Wendy Denton with Jorge Yepes (see page 12) during a YAO Insight Trip to Arjona, Colombia.
Lenders to our Banks Banka Kombetare Tregtare Sh.A. (BKT), Albania Blue Orchard Finance Citibank Coopest Developing World Markets Dia Vikas Fund Erste Bank European Bank for Reconstruction and Development European Fund for Southeast Europe
ING Kf W-German Development Bank National Bank of Malawi Oikocredit responsAbility Fund Small Industries Development Bank of India (SIDBI) SNS Institutional Microfinance Fund Standard Chartered Bank Symbiotics Triple Jump Fund
HFDC Bank (India)
In the outskirts of Nairobi, Kenya, Margaret Wangui can now use her cell phone to make financial transactions from the convenience of her restaurant.
THE FUTURE OF MICROFINANCE
delivering hope in India
Cell phone banking is one of the most exciting new methods to bring microfinance to underserved areas. This year in Malawi, Opportunity successfully launched cell phone banking to reach more of the rural and peri-urban population, where 60% of the people already have a cell phone. In Kenya, an estimated 30 to 40% of Opportunity clients have cell phones and Opportunity’s new service allows them to easily and efficiently make remittances on their loans, and transfer or receive funds into Opportunity savings accounts. Even for people who don’t have cell phones, an estimated 95% of Kenyans have cell phone chip cards, and can often rent or borrow a phone in their community to use with their card. The future of microfinance may already be in the hands of those who need it.
When R. Jeyanthi became an Opportunity loan officer three years ago, she crisscrossed the streets of Chennai on her bicycle, forming 29 Trust Groups with 535 members along the way. As a young widow and mother of two, she lives by Jehovah Jireh or “God provides” and is grateful her faith helps her flourish.
In India, Opportunity is partnering with the International Justice Mission to help victims of forced labour transition to a life of freedom.
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Partnering for the rural poor in Africa In rural sub-Saharan Africa, less than 10% of people have access to comprehensive financial services. A new program co-funded by The MasterCard Foundation and the Bill & Melinda Gates Foundation will allow us to expand banking opportunities in these isolated areas by deploying a range of efficient delivery channels — including satellite branches, cell phones, mobile banks, ATMs and point-of-sale (POS) devices. With this partnership, Opportunity will reach over 1.4 million people with savings accounts and develop a strategic model to help 90,000 smallholder farmers increase their chances of success. The model includes agricultural loans and customized training aimed at improving productivity and minimizing risk.
above: Melinda French Gates, co-chair and trustee of the Bill & Melinda Gates
Foundation, and Aleksandr-Alain Kalanda, Opportunity Malawi CEO, speak with client Feleniya Mkoche at the rural mobile bank in Nkhoma, Malawi.
Opportun ity International .ca
“ Microfinance has made inroads in many urban areas across Africa. Rural microfinance represents a new frontier. The MasterCard Foundation believes that Opportunity’s innovative approach to microfinance for smallholder farmers will break new ground and help enable Africa to become a breadbasket for the world.” —Reeta Roy, President and CEO, The MasterCard Foundation
Printed on paper containing post-consumer content.
295 The West Mall, Suite 504 | Toronto, Ontario M9C 4Z4 | 1.877.867.2448
Opportunity International provides small business loans, savings, insurance and training to over two million people working their way out of poverty in the developing world. Clients in more than 20 countries use these financial services to start or expand a business, provide for their families, create jobs for their neighbours and build a safety net for the future. Opportunity International Canada is a registered Canadian charity and serves all people regardless of race, religion, ethnicity or gender.
©2010 Opportunity International Canada
Photo courtesy of the Bill & Melinda Gates Foundation/ Barbara Kinney.