bshbvbj Opportunity International Savings and loans Annual Report 2016 01 01 Opportunity International Savings and loans Annual Report 2020 Content CORPORATE INFORMATION 3 About Us 4 Board Chairman’s Statement 7 Board of Directors 9 Chief Executive Officer’s Message 12 Executive Committee 15 Products and Services 21 Product Innovations 22 Financial Statements 24 • Independent Auditor’s 26 • Statement of Financial Position 31 • Statement of Comprehensive Income 32 • Statement of Changes in Equity 33 • Statement of Cash Flows 34 • Notes Forming Part of the Financial Statements 35 Photo Gallery 44 Success Story of Rosemond Darkwa 85 Appendix 86 Geographical Spread & Delivery Channels 87 Contact and Branches 88 Opportunity International Savings and loans Annual Report 2020 02 CORPORATE INFORMATION BOARD OF DIRECTORS Mr. Mr. Katey Assem – Chairman Mr. Frazer D. Hume Mr. Kwasi Yirenkyi Ms. Maria Koramoa Mrs Jane Nelson Mr. Kwame Owusu-Boateng – Chief Executive Officer SOLICITOR/SECRETARY Rosemary Seneadza AUDITORS PwC Ghana A4 Rangoon Lane, Cantonment City PMB CT42, Cantonments, Accra – Ghana. COUNTRY OF INCORPORATION Ghana REGISTERED OFFICE Opportunity International Savings & Loans Limited No. D765/3, Kwame Nkrumah Avenue P. O. Box JT 323, Accra, Ghana BANKS Access Bank Ghana PLC Agricultural Development Bank Limited CAL Bank PLC Ecobank Ghana Limited GCB Bank Limited Universal Merchant Bank Ghana Limited Zenith Bank (Ghana) Limited United Bank for Africa Ghana Limited National Investment Bank Limited 03 Opportunity International Savings and loans Annual Report 2020 About Us Opportunity International Savings and Loans Limited, (OISL) is a leading savings and loans company in Ghana. The company is at the forefront of delivering transformational financial services to help transform the lives of clients. It was licensed by the Bank of Ghana in June 2004. Opportunity International Savings and Loans Limited is a subsidiary of Opportunity International, a global institution dedicated to helping clients transform out of poverty. It operates in 23 countries across the globe serving nearly 10 million clients with micro loans, savings, micro insurance and non- financial services. The global office is based in Chicago, USA. Since inception, OISL has focused its key activities on the marginalized, the poor and those who are excluded from mainstream banking. We provide sound financial education and support to clients while promoting a savings culture by offering innovative deposit products. We assist micro, small and medium size businesses, which form the backbone of most developing economies to thrive. As of December 2020, the institution had 579,448 clients of which 40,797 were loan clients. Loan portfolio was GHS 149.2 million and client deposit balances were GHS 225 million. With a total asset of GHS 313.5 million and shareholders net worth of GHS 46 million, this makes Opportunity Opportunity International Savings and loans Annual Report 2020 04 International one of the biggest savings and loans company in the country. Over the last three years, the institution scooped twenty- seven (27) prestigious awards including ‘The Savings and Loans Company of the Year 2020 ‘from the Chartered Institute Marketing Ghana (CIMG) and the Ghana Business Awards. The company attributes its achievements to its embedded values coupled with the highly trained, committed and skilled employees. It makes significant investment in the training and professional development of its staff. Additionally, the institution provides a friendly and an enabling environment for its staff to thrive and achieve both personal and institutional goals. We derive our sustainable competitive advantage through our quality staff and an excellent culture which has been built based on our value proposition. Opportunity International has been able to maximize operational efficiencies with an expansive national branch network comprising 41 brick and mortar outlets, 4 mobile Vans, 19 Automated Teller Machines (ATMs) and several Point of sale (POS) devices located across the length and breadth of Ghana. VISION Our vision is a world in which all people have the opportunity to achieve a life free from poverty, with dignity and purpose. MISSION By providing financial solutions and training, we empower people particularly those living in poverty to transform their lives, their children’s futures and their communities. CORE VALUES Commitment, Humility, Respect, Integrity, Stewardship and Transformation. WHAT WE DO Customers are at the Centre of our business and are served with life changing products such as 05 Opportunity International Savings and loans Annual Report 2020 loans, deposits, micro insurance, e-banking services and remittances. Transformational training, business Advisory services, and capacity building are embedded in our client interactions. OPENING DOORS TO TRANSFROM LIVES Opportunity International’s products and services are developed with our values in mind and are specifically tailored to meet the needs of our clients. OUR STAFF Opportunity International has well-trained and dedicated staff who are highly dedicated and committed to living the values in achieving our mission. THE OPPORTUNITY DIFFERENCE Opportunity delights in the truth and gives God all the glory! Opportunity International Savings and loans Annual Report 2020 06 Board Chairman’s Statement On behalf of the Board of Opportunity International Savings and Loans (OISL), I present to you the annual report for 2020 fnancial year. I am grateful to the Management and staff of Opportunity International Savings and Loans for the tremendous efforts in ensuring the company was able to achieve its key milestones in the year 2020 despite the challenging business environment. I also wish to acknowledge the excellent guidance provided by my fellow board members in shaping the strategic direction of the company. Business Overview The Board through the Management set out to achieve some key milestones by increasing client acquisition to grow the business after the setbacks in the previous year. With a very stable and excellent staff morale, this was largely achieved in the year under review. There was a growth in the business client base by 22,612 clients that contributed in growing the size of the business by 16 percent between 2019 and 2020. Capital Structure The paid up capital remained at GHS24.2Million, with the Shareholders’ fund growing by 27% from GHS36.2Million in 2019 to GHS46Million in 2020. The Company’s capital adequacy ratio was 14%. This exceeds the statutory minimum regulatory requirement of 10%. Governance Sound risk management and effective corporate governance are promoted by the Board. The Board has been vigilant and responsive to the changing regulatory environment, ensuring that company’s policies are aligned to regulatory protocols and best practice in the fnancial services sector. Our goal is to guide the Management to continue to exhibit higher levels of excellence at all times. As we seek to strengthen and improve on our Governance, we have identified fve new Independent Directors who will join the Board in the ensuing year after they have received the necessary approvals from Bank of Ghana. This will be a significant step as we bring fresh ideas to the Board as we look into the future with poise in building a dominant and more robust business. Outlook for Year 2021 The Board is determined in guiding the Management team to build and maintain the Best Brand within this sector. This goal is very much in keeping with the improved and positive perceptions from key stakeholders such us Bank of Ghana, Financial services industry, and our cherished clients. These gains will be deepened in the years ahead with further investment in IT and improvement in the Cyber Security management of the institution. The Core Banking system will be upgraded to the most current version as well. This is to further improve on the client experience and also protect the business from threats within the eco system. As we do this, the client engagements will be enhanced for a balanced and focused growth in our existing and emerging markets. Our mission of seeing lives transformed will be supported with 07 Opportunity International Savings and loans Annual Report 2020 innovative social impact programs for the benefit of our vulnerable clients and communities. Acknowledgement On behalf of the Board of Directors, I wish to thank our Shareholders for their support over the years. I also want to thank other stakeholders for the support and trust they have in our operations. To our gallant employees I say; well done. Continue the fght against poverty so that our clients will come to the lime light. Thank you for your contribution to our growth in 2020. To our clients, who have kept faith with us I say; “Ayekoo! Your commitment to our brand is highly valued. It is our earnest desire to serve you better. So, stay close to us as we walk through the year 2021. Through this, we believe your fnancial and non-financial goals and aspirations would be met.” Sincerely, Katéy Assem Opportunity International Savings and loans Annual Report 2020 08 Board of Directors Katéy Eric Assem (Board Chairman) Katéy Eric Assem served as an Executive Director of the Chicago State University Foundation. Previously, he was Vice Chancellor for Institutional Advancement and Executive Director of the North Carolina Central University Foundation. Mr. Assem also served as Vice President for Advancement and Research at Fort Valley State University and as Chief Executive Officer of the FVSU Foundation where he completed a $62 million bond program to build a new residential and academic village. Before joining FVSU, Mr. Assem was Chief Advancement Officer of the Chicago State University (CSU) Foundation. Mr. Assem received his Bachelor of Science degree in Statistics from the University of Ghana, Legon and Masters of Social Work from the University of North Carolina at Chapel Hill and holds a Certificate in Fundraising Management (CFRM) from the Indiana University-Perdue University Fundraising School. He was also, a Fulbright Scholar with the Council of International Programs in Chicago, Illinois. Mr.