Accra, June 03, GNA – This year, Opportunity International Savings and Loans Limited and the Sinapi Aba Trust are celebrating 20 and 30 years, respectively, of operating respectively in Ghana.
Both institutions, belonging to the Opportunity International Global Network, have served over 1.5 million micro, small, and medium enterprises in the country, and are impressed with social and financial impact made so far.
Opportunity International began its journey in Ghana in 1994. Bishop Davis Freeman and his wife, the Reverend Elizabeth Freeman were inspired by the Opportunity founder, David Bussau, to combine religious duties with job creation.
This led to the establishment of the Sinapi Aba Trust, named after the mustard seed, with the hope of becoming something great.
Guided by visionary leaders, including the Freemans and Rev. Dr. Kwabena Darko, a successful Ghanaian poultry entrepreneur, the company aimed to “create an entity that harnessed the entrepreneurial spirit of the country.”
“Since its first days in Kumasi, Sinapi Aba has been pivotal in ensuring that economically disadvantaged individuals are given the opportunities they need to earn a dignified living. Over the past 30 years, their work has brought hope to those often excluded from formal financial markets,” Mr Tony Fosu, CEO of Sinapi Aba, states.
Following the success of Sinapi Aba Trust, Sinapi Aba Savings and Loans Limited (SASL) and Opportunity International Savings and Loans (OISL) emerged some 10 years later.
Focused on serving rural areas, both SASL and OISL provided sound financial education and support to clients, promoting a culture of savings through innovative deposit products.
“From the outset, we recognised Ghana as a nation brimming with potential. And with approximately 13 per cent of the population living on less than $1.90 a day, we believed that tapping into this potential has been the necessary spark that could transform the country,” managers of both instituted noted.
At present, the companies employ more than 2,500 people across 84 branches, united by a mission to serve those excluded from mainstream financial services.
Mr Kwame Owusu-Boateng, CEO of Opportunity International Savings and Loans Limited says: “The combined impact across Ghana is tremendous.”
“There are more than 1.5 million clients with savings accounts or microloans; more than 1.4 million children and 5,000 low-cost non-government schools are growing; and nearly 250,000 smallholder farmers have been served,” he notes.
Part of the success stories, according to the company, include that of Madam Cynthia Mensah, a 42-year-old mother of three, who began her journey by selling pastries on the streets to support her family after her first marriage ended.
“In 2015, Cynthia joined OISL and accessed her first loan of GHS1,000. That support allowed her to purchase ingredients in bulk and meet the rising demands of her customers.
“Within two years, her profits increased, prompting her to expand her business. She used subsequent loans to buy baking equipment and eventually ventured into bread making,” the managers explain.
Cynthia’s bakery presently operates four large ovens and employs 12 workers. She also owns a van and motorcycles for distributing her bread. Her business has flourished, and she has opened a second bakery in her hometown, managed by her sister, baking with 100 bags of flour weekly.
“Cynthia’s transformation has not only improved her life but also created job opportunities for her community. Her transformation has ignited a ripple effect, creating opportunities for dozens of her neighbors and friends and fed an entire community,” Opportunity International indicates.
Both entities are impressed with their influence over the decades and are poised to “build even greater mechanisms for transformative development” in Ghana.
GNA