Previously UOB received a $2.5 million loan from IFC to help finance the growth in UOB's loan portfolio. UOB was the first micro finance bank or institution in Rwanda, which received a local currency loan from IFC, using its SWAP arrangement with the central bank of Rwanda.
This time, IFC has approved UOB's proposal for funding ($450K) to help develop UOB's branchless agent network. Praise the Lord! Until it is all sorted out, it will need a few more months, but we have passed the first hurdle.
Jehovah Jireh. God provides. I truly believe in His provision for His work, His way in His time.
He has provided us with a $200K grant from UNCDF for the m-banking and agent banking project initially last year. Later, through another Advisory Services organization, He has provided us with technical assistance on this project and it is on-going. Now with IFC's approval on this TA funding, we will be able to take it up to another level. It is a little too premature, but another development agency is showing an interest in helping us out with a grant funding for this project. So, there is a good reason for my statement and declaration.
Jehovah Jireh! - Jeffrey