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An update on unrest in Malawi

Posted on 22nd July 2011 by Edward Fox
From Edward Fox, Chief Executive of Opportunity International UK, on recent demonstrations in Malawi.

While we are still gathering information on the riots in Malawi,we wanted to provide you a brief update on the situation. There are reports that during the anti-government protests yesterday nearly 20 people were killed, many more injured and dozens of businesses ransacked.

We are saddened to report that one of our banking kiosks was lost along with a number of our clients’ businesses. We are grateful, however, that all of our staff appear to be safe as we shut down the majority of our operations prior to the scheduled protests.

There has been growing discontent in Malawi over significant fuel and foreign exchange shortages that have severely weakened the economy. In addition, opposition leaders have accused the government of mishandling relations with the international community and curtailing civil liberties. Violence broke out Wednesday when security forces attempted to stop a nationwide anti-government protest.

Our operations in Malawi will remain closed until we can ensure the safety of our staff and clients. We are in daily communication with our staff as they attempt to sort through the situation and gather information on our branches and clients throughout the country. We’ll provide you another update as soon as possible.

Please join our prayer for the people of Malawi. The “Warm Heart of Africa” has always been a place of peace, and we pray that grace and peace would quickly return.

in: Malawi
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New bill gives clarity and confidence to Indian microfinance

Posted on 14th July 2011 by Mark Kingston

Following on from recent developments in the Indian microfinance sector, the Indian government has introduced draft legislation to better regulate microfinance practices, further protecting the poor clients the sector was established to serve.

The bill, which is still to be passed in parliament, recognises the important role of microfinance in India and proposes that regulation of microfinance institutions lies with the Reserve Bank of India (RBI). The bill has been positively received, providing greater clarity to the sector and offering comfort to banks and other funders of microfinance. It’s expected to strongly impact players who look to make large profits through their lending, and put the emphasis back on protecting the client – a move that Opportunity International, a socially focused funder of microfinance, wholeheartedly welcomes.
Read full story

in: India
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Discover Mozambique

Posted on 29th June 2011 by Mark Kingston

We have just completed a short video telling the story of Opportunity’s expansion into the north-west of Mozambique. This expansion was generously funded by the European Union and private UK donors and has enabled us to extend Opportunity’s unique microfinance tools to many thousands more Mozambicans.

To find out about our future expansion plans, why not read our Mozambique Prospectus?

in: Mozambique
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Opportunity partner MicroEnsure wins the FT/IFC Sustainable Finance Award

Posted on 21st June 2011 by Mark Kingston

We’re delighted to congratulate our microinsurance partner MicroEnsure on winning the Sustainable Finance Award in the “Achievement in Financing at the Base of the Pyramid” category. MicroEnsure is a wholly owned subsidiary of Opportunity International.

Richard Leftley, MicroEnsure's CEO, receiving the Sustainable Finance award

MicroEnsure’s submission was based on its pioneering work providing life insurance products with two leading Ghanaian mobile phone providers. Growing rapidly, MicroEnsure’s products are expected to double the number of Ghanaians served by insurance by the end of 2011.

The awards are organised by the Financial Times and International Finance Corporation, a member of the World Bank Group. You can read more on the MicroEnsure website.

in: Microinsurance, UK News
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A new look at health insurance

Posted on 15th June 2011 by Mark Kingston

We’re delighted promote this new film by our microinsurance partner, MicroEnsure. Why not take 4 minutes to get a fresh insight into the importance of health insurance in poor communities…

We partner with MicroEnsure to provide Opportunity clients with access to microinsurance products. You can out more about Opportunity Microinsurance here.

in: India, Microinsurance
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Parliamentary Inquiry

Posted on 8th June 2011 by Mark Kingston

The All-Party Parliamentary Group on Microfinance has today published a report on their inquiry into the UK’s role in supporting the microfinance sector worldwide.

Opportunity UK’s Deborah Foy made a submission to the inquiry. We welcome its 9 key recommendations which you can read here.

in: Press, UK News
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The power of secure savings

Posted on 7th June 2011 by Edward Fox
By Edward Fox: Opportunity UK’s Chief Executive

In the small but perfectly located Opportunity kiosk in the heart of the Lujeri tea estate we bumped into small holder farmer, Felix Lusewa.

Edward Fox with Opportunity client Felix Lusewa

His story blew me away.  He’s banked with Opportunity for 4 years, having to travel some distance during that time until we started to put the new Mulanje network in that place.  In that time he’s increased the size and profitability of his business substantially.  I assumed he had benefited from a loan to achieve this but he said it was all down to hard work and the ability to save for the very first time in a safe place.
Read full story

in: Clients, Malawi, Savings
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Opportunity Interviewed

Posted on 2nd June 2011 by Mark Kingston

The latest edition of Marketing Week features an overview of Opportunity’s work. Read the interview here.

in: Press, UK News
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Meet Joseph Meke

Posted on 31st May 2011 by Gareth Simpson
From Gareth Simpson, Opportunity UK’s Director of Philanthropy:

Last week, I met Joseph Meke in Malawi. Joseph has a well developed business buying and selling “maize” (corn). He’s a natural-born entrepreneur.

Opportunity Malawi Client Joseph Meke

When Joseph joined Opportunity in 2007, he made a monthly profit of around £120 – which is well above the norm. His Opportunity loans helped him buy his maize in bulk, saving transportation costs.

Every month he buys a bulk load of Maize grain from a rural area of Malawi. He pays a local farmer £3.40 for a bag of grain – creating a supply chain for poor farmers in the rural areas. By selling the bags at £5.60, Joseph has increased the monthly profit of his Maize business to £320.

Joseph used the increased profits to build 3 houses using local labour and materials. He lives in one with his wife, Zione, and their 3 children. So they now have a family home. He rents the other two properties which generates £44 profit a month.
Read full story

in: Clients, Loans, Malawi
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Meet Sellina

Posted on 27th May 2011 by Edward Fox
From Edward Fox, Opportunity UK’s Chief Executive:

Sellina has been a loan client in southern Malawi for 4 years and has seen a four-fold increase in her turn over. She used to grow and sell tomatoes to scrape a living. She wasn’t making much more than £50 a month.

Opportunity Malawi Client Sellina

That’s your stereotypical $2 a day person. But with the hand up of a small £80 loan, through an Opportunity Trust Group, she now runs a business that buys pigs from others, slaughters them and prepares them for retail sale through her butchery. She’s found an important and valuable niche in the market.

Four years on her group is still thriving and Sellina is still a client, making regular use of the bank-on-wheels when it stops in Thuchila (on Wednedays between 9am and 2pm). She still has a small loan of £160 but now most of her working capital comes from the savings she has built with her Opportunity Savings Account.

She’s now turning over £400 every month and looks well on it. She’s built a small house in the process and, unusually for this poor area has got electricity in her house. It just shows that in the right hands, a little loan can have a big impact…

in: Clients, Malawi
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Opportunity International United Kingdom is registered as a charity in England and Wales (1107713) and in Scotland (SC039692). A company limited by guarantee in England and Wales (05322719). Registered office as above.