 Opportunity International - Sinapi Aba Savings & Loans Limited is a non-bank financial institution licensed in June 2004 by the Central Bank of Ghana to operate in savings and loans. The Company serves micro and small entrepreneurs with loans, deposits, and other financial services. It was born of the belief that a transformational, formal financial institution was required to make a lasting economic impact on the entrepreneurial poor in Ghana.
Our products and services are built on values of respect, commitment to the poor, integrity and stewardship. Staff energies and efforts are focused on our clients’ satisfaction, considering each client as unique and valuable.
Currently, Opportunity International - Sinapi Aba Savings & Loans Limited is the highest capitalized savings and loans company in Ghana with total assets of $16,546,812 as at September 2006.
The company has recorded impressive performances from its operations since its inception. The gross loan portfolio grew from $1,066,000 in 2004 to $12,364,902 as at September 2006. Total deposit increased from $151,000 to $5,362,495 as at September 2006. The total number of clients increased from 9,400 to 83,000 between 2004 and 2006. Our loan portfolio quality stands at 0.26% as measured by (Portfolio at Risk) PAR >30 days as at the end of September 2006.
Our products are tailored to meet our target market needs. Majority of our clients are in active trading, manufacturing, agriculture, food and service industries.
Our clients have the option to access group or individual loans. For Group loans, clients are organised into groups between 15-35 members to serve as an informal bank and they cross-guarantee each other’s loans. This form of loan is ideal for clients who cannot provide guarantors for individual loans. We do not only give clients loans but also train them in leadership development, financial management, community development, group solidarity and effective use of credit.
Individual loans are granted to micro and small entrepreneurs to expand their businesses. Our methodology is similar to the retail loan system by Commercial banks and finance companies. The Loan maturity for the first loan cycle is normally 3-12 months. The loan sizes range from ¢5,000,000 to ¢100,000,000 depending on the client’s business cash flow. No collateral is required.
We also serve our clients with different savings products. Our Regular savings is a flexible interest bearing account offering customers multiple options to deposit funds with regular withdrawals available without a notice. A minimum amount of just ¢50,000 is required to open an account.A balance of ¢500,000 and over earns interest. The Current account is a non-interest bearing account offering our customers multiple options to deposit funds, with withdrawals available without notice. A minimum amount of just ¢100,000 is required to open an account.
Our Fixed term deposit is a fixed interest bearing account for a prescribed period. This account is for customers who have funds that they are not utilised immediately, and are interested in higher interest rate. A minimum of just ¢500,000 is what is required to start with a fixed deposit. We offer competitive interest rates for fixed deposits ranging from 8% to 18% per annum.
Our Susu savings was introduced to serve our customers who do not have time to come to the bank. Our deposit mobilisation officers walk to their doorsteps and collect very small amounts on daily basis. There is no deduction of a day’s payment per month as is being charged by other susu collectors. Susu clients are given the opportunity to access our loan products. We also operate Western Union Money Transfer. We receive funds from Western Union agents around the globe for payments to identified beneficiaries in Ghana. |
