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KIGALI, Rwanda, August 7 /Standard Newswire/ -- The poor in Africa are grasping opportunities to work their way out of crippling poverty - with the help of modern banking technology.
A partnership between Christian non-profit groups is introducing the benefits of secure banking and ATM cards to thousands of people in Rwanda, a nation recovering from genocide and war.
According to the United Nations, Rwanda is one of the least developed countries in Africa. The vast majority of Rwandans have nowhere to keep their earnings safe. Commercial banks are not interested in the poor - and most Rwandans earn just a few dollars a day.
In response, Opportunity International - headquartered in Oak Brook, Illinois - and Baltimore-based World Relief have joined forces to build a solid banking network for Rwanda's poor. The venture will expand the Urwego microfinance program established in 1997 by World Relief, in partnership with Hope International and World Relief Canada.
The newly merged Urwego Opportunity Microfinance Bank will provide small business loans, secure savings and life insurance, beginning with 28,000 customers.
Eventually, participants will be able to access their money through ATM cards at their local branch.
Opportunity International has already introduced ATM 'smart card' technology in other parts of Africa - and has seen a big increase in savings activity as a result.
In some areas where people lack proof of identification, fingerprint scanning technology is used to identify bank customers and provide secure access to their money.
Opportunity International and World Relief say the merger of their microfinance operations in Rwanda will give more of the country's struggling people the opportunity to work their way out of poverty and get ahead.
Opportunity International is a Christian non-profit specializing in microfinance in developing countries. World Relief is the international relief and development arm of the National Association of Evangelicals.
