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UOB News

Rwanda’s First Micro-Insurance Product

June 2011

Urwego Opportunity Bank is continuing to extend its outreach to the financially under-served by providing Rwanda’s first micro-insurance product in June 2011.  The product is Enhanced Credit Life and is required for all Community Banking Group loans.  With Enhanced Credit Life clients will be insured against death (including spouse and up to four children), disability, and loss of business (due to natural disasters).  As a result of the micro-insurance the Community Banking Group social guarantee will no longer be a burden to group members if a borrower’s business encounters natural disaster or if he/she sustains a physical disability.  A vital component of the micro-insurance is the provision of funds to cover funeral expenses for both the client and client’s family members.

Now, UOB’s clients are able to experience the relief of knowing their lives, families, and businesses are protected against life’s unexpected occurrences.

UOB’s praises God for His continuous grace in allowing us to empower the under-served of Rwanda with financial resources.

Our prayer is to expand our micro-insurance products offered in the future.

Urwego Opportunity Bank Exceeds 100,000 Savings Clients

June 2011

Urwego Opportunity Bank is pleased to announce that as of May 31, 2011 we exceeded the 100,000 mark in savings clients, with 101,384 clients safely saving their money with us.  Currently, UOB has 42,309 compulsory savings clients and 59,075 voluntary savings clients.

This represents a significant 27% growth since 2010 YE’s number of 79,846 savings clients.  The growth is a combined result of a steady increase in voluntary deposits and a 30% jump in compulsory savings, which we believe to be the result of starting to pay interest on compulsory savings in 2011.

With the ability to save their money, our clients are ensuring a better future for their families.  They are, also, better prepared to deal with life’s unexpected emergencies.

UOB’s Board of Directors, Management, and staff are praising our faithful God for His gracious provision.

Urwego Opportunity Bank Received a $2.5 Million Loan from International Finance Corporation

June 2011

Urwego Opportunity Bank (UOB) is generally the one disbursing loans, but on June 2, 2011, UOB’s CEO, Jeffrey J. Lee, signed a loan agreement to receive $2.5 million from International Finance Corporation (IFC), a member of the World Bank Group.

According to IFC’s website, “[It] fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments.”

The signing ceremony was attended by the leadership of IFC, Rwanda’s Minister of Trade and Industry, and the Governor of National Bank of Rwanda.  The leaders spoke about the importance of providing the resources needed for Small and Medium Enterprises (SMEs) to achieve success and the significance of reaching the rural poor.  Honorable Minister Francois Kanimba said during his speech, “The Government has named 2011 ‘The Year of SMEs’.  These additional financial resources will surely be helpful in promoting the SME industry.”  Jeffrey communicated how UOB is a leader in the technology and transformational services necessary for the poor in Rwanda to battle poverty.  He also said, “The IFC loan will enable UOB to expand its services to Rwanda’s under-banked and increase its outreach to SMEs and, in particular, the rural poor.”

UOB would like to thank IFC and its partners for this loan, and we look forward to continuing the fight against poverty.

UOB praises the Lord for His faithfulness in allowing us to receive this loan.  It is only by His grace that we are able to continue loving and serving the poor of Rwanda.  To Him be the Glory!

During the event there was also a signing ceremony for IFC with Business Partners International/REIC, a South Africa SME lender and a Rwandan SME investment fund, to promote SMEs.