Opportunity Bank, U.S gov’t partner to promote lending among refugees

Kampala, Uganda | THE INDEPENDENT | The United States International Development Finance Corporation (DFC) has partnered with Opportunity Bank Uganda to promote lending to refugees and host communities.

Through their collaboration with Opportunity International, one of the bank’s key shareholders, the bank launched the Refugee Innovation, Self-Reliance, and Empowerment program. This initiative addresses the challenges refugees face in accessing financial services. Over the years, it has trained 445,000 customers in financial management and provided over 3,000 loans to refugees.

Amos Bona, the Head of Business at Opportunity Bank, announced that the $9 million guarantee is set to benefit 60,000 refugees and members of host communities across 31 refugee-hosting districts in Uganda. “For the first time in Uganda, refugees will be able to access loans ranging from 500,000 shillings to as much as 380 million shillings, with interest rates varying from 12% to 30% depending on the type of business,” Bona remarked.

Owen Amanya, the Chief Executive Officer of Opportunity Bank, emphasized that for the past 30 years, the bank has been committed to transforming the lives of underserved populations and their communities. “To achieve our goal, we have opened branches in refugee settlements such as Nakivale and Rwamwanja,” Amanya stated. “This ensures that financially excluded refugees and Ugandans in host communities have the opportunity to earn an income and live lives of dignity and purpose,”

Amanya noted that the partnership with the U.S. government has enabled the development of tailored financial products for refugees, aiming to lift both refugees and host communities out of poverty.

In the early stages of this partnership, Amanya revealed that loans worth 582 million shillings have already been disbursed to 100 beneficiaries. The partnership places a special emphasis on women, with 51% of the businesses supported by the program being women-owned.

William Popp, the U.S. Ambassador to Uganda, acknowledged Uganda’s strong national strategy for refugee self-reliance, noting its status as the largest refugee-hosting country in Africa. He highlighted that access to financing mechanisms provides opportunities for refugees to fund education, health needs, and livelihoods by enhancing their enterprises.

Uganda hosts 1.7 million refugees, with 51% of them being women. As the largest refugee-hosting country in Africa and the fifth largest globally, Uganda’s refugee population is deeply affected by poverty, underscoring the importance of support from partners and the international community.

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