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:: Opportunity International Bank Malawi  
 

OPPORTUNITY INTERNATIONAL BANK MALAWI CORPORATE PROFILE

Opportunity International Bank Malawi Ltd (OIBM) is a member of Opportunity International. OIBM was granted a full commercial banking license by the Reserve Bank of Malawi on March 21, 2002. OIBM is a commercial bank, which targets the poor in underserved areas including peri-urban and rural areas.

The bank is a means to provide broader access to financial services to the entrepreneurial poor and disadvantaged people of Malawi, particularly deposit and credit services. OIBM opened its first branch in Lilongwe on May 23, 2003. It opened its second branch called Satellite Centre in Area 25 in Lilongwe on 10 September 2004 and Kasungu branch on the 6th of March 2006.

OIBM’s approach is to provide access to multiple financial services in the deprived communities within its areas of operation. The focus is to provide sustainable but flexible savings as a key service and poor-friendly loan products.

OIBM is using fingerprint identification technology to identify clients who have opened an account with the bank. The fingerprint data is stored on their OIBM cards and they are only able to access their accounts by having their fingerprints scanned. The success of this technology is that it enables identification without the inconvenience of carrying ID cards or remembering PINS or passwords.

Opportunity International (OI) is a global microfinance network, which provides transformational microfinance services to over 600,000 poor entrepreneurs in 27 countries. OI currently has ten regulated institutions involving the formalisation / commercialisation of its microfinance institutions (MFIs), which is driven by the objective of expanded outreach through the accessing of capital markets and the leveraging of deposits, as well as the provision of expanded financial services to its clients.

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