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EDUFINANCE - Schooling with a Microfinance Difference33 days ago
Honduras Update36 days ago
My Oral Village & Ultra Poverty57 days ago
Opportunity International Canada 2017 Annual Report84 days ago
Bob Sample - Ending Ultra-Poverty - Workshop Results135 days ago
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EDUFINANCE - Schooling with a Microfinance Difference
Category: Microcredit | By SDR, 14-Nov-2018 | Viewed 69  Comments 0 | Source Alison Chapman & Ed Temple
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EDUFINANCE PROGRAM


EDUCATION FINANCE REPORT
Fall 2018

EDUCATION REDEFINED for 2.78 MILLION CHILDREN & YOUTH
CUMULATIVE OUTREACH AS OF 30 Sept 2018



THANKING DONORS FOR GENEROUS SUPPORT!


Parents in developing countries understand that a good education is their children's best chance out of poverty. Unfortunately, quality public schools in impoverished villages are often unavailable, and saving for school fees can be nearly impossible when every penny earned goes toward necessities like food and shelter. By supporting the EduFinance initiative, donors have positioned Opportunity to become a significant force in tackling the global education crisis. Donors are currently helping us reach 1.56 million children. It is on their behalf that we thank you.
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Rawanda Little Sars Students

Students of Little Stars Center in Rwanda

are benefiting from improved curriculum, new classrooms, clean water, and proper restrooms made possible through Opportunity's EduFinance program. Proprietor Jean Jacque has a big vision for the future. Serving a huge need in their community, the school grew to 60 kindergarten students in 2018, and they just completed four newly-constructed classrooms for a new class of first-graders in 2019.

PROGRAM SUCCESSES



1,682,000 KIDS - EMPOWERED BY SCHOOL IMPROVEMENT LOANS



622,282 KIDS - ATTENDED SCHOOL VIA SCHOOL FEE LOANS
7,912 YOUTH - PAID TUITION WITH COLLEGE VOCATIONAL LOANS
379,269 KIDS - COVERED BY EDUSAVE SCHOOL FEE INSURANCE
75,939 YOUTH - AND PARENTS HELD EDUCATION SAVINGS ACCOUNTS
75,939 KIDS - ATTENDED FINANCIAL LITERACY TRAINING AT 443 SCHOOLS

CUMULATIVE GLOBAL OUTREACH: SINCE 2008, OPPORTUNITY INTERNATIONAL HAS:


> Delivered 216,400 loans valuing $163 million to improve schools and get kids in the classroom, achieving a 16% growth in cumulative outreach and a growth of 55% in portfolio value.
> Reached 2.78 million children with access to quality education in their own communities, up 22% from 2.27 million at 2017 year-end.
> Provided quality training to 7,515 school proprietors and financial literacy training to nearly 12,000 students across 443 schools.

AN APPROACH DESIGNED FOR BIG IMPACT AND HOPE-FILLED FUTURES


Opportunity's unique approach to closing the global education gap targets the crisis from several angles. We currently collaborate with 28 microfinance institutions in 17 countries to deliver our proven education model within the local context.

Through EduFinance, we enable our 14 partners to deliver sustainable, scalable, and effective financial products and training that improve school infrastructure and help families afford to educate children and youth. Through EduQuality, we go beyond access issues to promote quality education through our self-improving school model. We also provide support to socially motivated financial institutions to develop and deliver impactful products and programs to ensure the success of localized education solutions.

School Improvement loans are the largest product by portfolio value, representing $98 million in active outstanding loans. With 1,701 School Improvement loans active on 12/31/2017, the volume of loans grew by 211% to 5,287 so far in 2018.

Parents use Opportunity School Fee loans so children don't miss school days even when incomes do not match school fee due dates. As of September 30, 2018, 11 Opportunity partners were providing nearly 40,000 families with access to School Fee loans to send about 125,000 children to school. Currently, more than 2,300 youth are using College/vocational loans for continuing education.

SUPPORT IS AT THE CENTER OF EXPANSION


Opportunity's EduFinance team supports financial institutions in program delivery. - Opportunity's EduFinance team currently supports 28 financial institutions in 17 countries, with plans to support new partners in Peru, Kenya, Uganda, Cote d'Ivoire, and India in the coming months.

Increasing access to education in Ecuador. - In September, Opportunity's EduFinance team in Latin America provided support to Fundacion ESPOIR - a microfinance institution that empowers impoverished rural women - to successfully launch School Fee loans as well as two continuing education loans that will increase access to education for children, adolescents, and adults in Ecuador. Opportunity helped ESPOIR develop and launch their Education Finance portfolio based on market research, product development, and staff training.

Opportunity also generated algorithms to identify clients with good payment histories, verify their credit scores, and create pre-approved customer lists for predefined loan amounts so ESPOIR can quickly disburse credit to its clients, with levels of control that ensure that the loan is used for education-related purposes. This effort benefits the clients through customer service excellence and protection from becoming over-indebted.

Read the entire report:
http://ragm.org/docs/Fall%202018%20Education%20Report%20-%20OIC_350.pdf

Alison Chapman - achapman@opportunityinternational.ca
Ed Temple - etemple@opportunityinternational.ca
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