Urwego Opportunity Bank provides a “ladder of opportunity” to thousands in Rwanda
What single business can make a real difference in the lives of thousands of poor families in a developing country like Rwanda? The answer is a for-profit commercial bank that provides savings, loans, insurance and other financial services to individuals living and working at the base of the economic pyramid.
Urwego Opportunity Bank of Rwanda (UOB) was created in 2007 for just this purpose. “Urwego” in Kinyarwanda means to provide someone “a ladder up”. This financial institution for the poor was established by merging Urwego Community Bank, a well-respected nonprofit microfinance institution owned by World Relief, World Relief Canada and Hope International into Opportunity International’s new Rwandan commercial bank. Dale Dawson, Bishop John Ruchyahana and representatives of the four nonprofit shareholders serve on the bank’s board of directors.
Today, UOB has four full-service branch offices in Kigali and loan production offices in 27 of Rwanda’s 30 districts. It has more than 34,000 loan clients and over 12,000 savings clients. The bank’s average outstanding loan is about $100 and its average savings account balance is about same. One of the bank’s goals is to make fingerprint accessible savings accounts available throughout Rwanda.
