Opportunity International Savings and Loans Limited (OISL) has recorded an impressive growth in customer deposits in 2017.
The financial institution has recorded deposit balances of GHS124.7 million as compared to GHS136,000 in 2004.
The figures were disclosed as management held a ceremony to re-open the Berekum branch of the company.
The branch serves a client base of 6,556 as of February 2016.
It has disbursed a total of GHS8,752,862 loans since inception and has accumulated a total of GHS 1,657,363 in client savings at the Berekum branch.
Speaking at the ceremony, Deputy Chief Executive Officer (CEO) of Opportunity International, Mr. Samuel Afful, labelled the records as impressive from a savings and loans company in a reactive economy.
“We are very impressed with the records this company has realised 13 years on after its establishment in Ghana,” he said.
He explained that the company started with an initial capital of a little over 2 million Cedis.
“As of December 2004, our clients totaled 9,400 with a gross loan portfolio of GHS956, 000 and total deposits of GHS136, 000,” he asserted.
He added that “These figures have grown enormously. As at December 2016, loan portfolio had grown to GHS93.8 Million (8,838% growth from 2004), deposit balances of GHS124.7 Million (94,756% rise) and total deposit clients of 472,329 (4,959% growth).”
Mr. Afful noted that the improvement in the institution’s records brings to the fore the fact that they are on the right track to achieving their 2020 target of acquiring 1 million customers and thus help break the poverty cycles through the provision of products and services that are tailored to the needs of our clients.
The institution’s branch network has increased from 3 in 2004 to 44 in 2017 spread across the length and breadth of the country.
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