UOB’s loan portfolio grows to $5.2 million

URWEGO Opportunity Bank (UOB) registered a 73 percent increase in its loan portfolio from $1.4 million in 2006 to $5.2 million today. This was announced by UOB’s Chief Operations Officer (COO), Ross Nathan recently during a three day conference on Savings Learning and Awareness. Nathan said, “UOB has come from far and it still has a long way to go. This achievement is attributed to the merging of Opportunity International, World Relief and Hope International. According to Nathan, the three day conference was a continuous strive to improve better service, promoting savings awareness among the population. The conference was organised by UOB in partnership with European Union. It brought together partners organisation in the Great Lakes Region. UOB operates in 27 out of 30 districts in the all country. “We have opened up four new savings branches in Kigali and one rural branch in Bugesera,” he said. The COO also added that the increase in the loan portfolio was as a result of growth in the Savings portfolio from $147,000 to $2.6 million. “This is also attributed to increase in the voluntary savings customers from 17,000 to 30, 000,” Nathan explained. UOB began its operations in July 1997 as URWEGO micro-Finance. It started as a World Relief program and it has grown into one of the premier microfinance institutions in the region of East Africa. UOB is the first Bank to introduce biometric banking system in Rwanda. Biometrics banking is the latest technology banking system in the World. Ends

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UOB’s loan portfolio grows to $5.2 million