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Hardly 5 years, after being granted a tier-1 commercial banking license, Opportunity Bank is downgrading back to a Tier 2 Microfinance Deposit-taking Institution (MDI), CEO East Africa Magazine can exclusively reveal. This decision has been confirmed to CEO East Africa Magazine, in an email. It follows the Financial Institutions (Revision of Minimum Capital Requirements) Instrument 2022 of November 2022 that requires financial institutions to significantly increase their capital buffers. “Over the last 12 months, Opportunity Bank has comprehensively reviewed its strategic plan, business model, service offerings and target customer market. The outcome of this review shall be a transformed Opportunity…
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In line with its purpose of being an “unconventional community-based bank that responsibly provides innovative and impactful financial services”, FINCA has also maintained health profitability. For example, in 2019, at the onset of the COVID-19 pandemic, FINCA registered UGX6 billion in net profit. Although the pandemic affected its customer’s ability to service their loans, FINCA still registered a decent profit of UGX2.2billion and UGX2.4billion in 2020 and 2021 respectively. The healthy financial performance has enhanced FlNCA’s stability, in line with all the regulatory capital requirements. For example, the core capital and total capital adequacy as of the end of 2021,…
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The Foundation for International Community Assistance, now commonly known as FINCA was founded by Mr. Hatch and Rupert Scofield as a Village Banking™ model- a concept that would enable poor Bolivian farmers with no collateral to access loans through a collective guarantee. Several years later, FINCA’s mission remains “alleviating poverty through lasting solutions that help people build assets, create jobs and raise their standard of living.” Madina, a married mother of four has, with the help of FINCA, been able to build a thriving family enterprise comprising a 12-acre commercial pineapple plantation, a 3-acre coffee plantation and a commercial poultry…
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