Opportunity International through its investment company Opportunity Transformation Investments (OTI) acquired Opportunity Tanzania’s Dar es Salaam operations from Faulu Tanzania Limited in December 2007.
While continuing banking operations, Opportunity Tanzania spent a large part of 2008 reconstituting its Board of Directors, building the senior management team, finalizing the three year strategic plan and sourcing the necessary funding. On the 16 January, 2009, the company officially changed its name to Opportunity Tanzania Limited. This not only aligned us with the global microfinance network of Opportunity International, but it also allowed us to roll out the group’s Christian mission in conjunction with Opportunity’s vision, values and customer code of conduct.
During 2010, Opportunity Tanzania opened Flagship Branch locations in Arusha and Moshi and Satellite Branch locations in Tengeru and Himo, bringing our total number of branch locations to five. In March 2010 Opportunity Tanzania went live on the Temenos T24 eMerge bank MIS and transitioned from the old system, MBWin, from March through August. Late in 2010, the organization went through a challenging period of turnaround, with new management joining and the introduction of new lending controls and loan products.
By early 2011, Opportunity Tanzania started to experience the success of the turnaround efforts. Portfolio at risk was managed and reduced to below 5% over 30 days and all branches succeeded in introducing the new loan products Trust Group Loan (Mkopo Pamoja) and Solidarity Group Loan (Mkopo Vuka). As operations continued to stabilize, productivity across all branches began to grow, and staff and client satisfaction increased markedly. At the end of 2011, Opportunity Tanzania had achieved a 197% growth in loan portfolio, maintained a PAR > 30 days of 2%, and increased loan officer productivity to nearly 200 loans per loan officer. The success of the year was celebrated by all at the first annual staff Christmas retreat, held in Marangu, near Moshi, Tanzania.
Opportunity Tanzania gives thanks to its shareholders and Opportunity International Supporting Partners, especially Young Ambassadors for Opportunity, Opportunity U.S. and Opportunity U.K. for the continued support and encouragement.