KAMPALA — Oya, a Pan African microcredit has officially launched operations in Uganda —
delivering microcredit services to Ugandan market— to help small entrepreneurs to expand their businesses and improve their standards of living.
The official launch held at their head office in Muyenga, Kampala on Friday February 19 was presided over by Trade Minister Amelia Kyambadde who thanked the micro credit for choosing Uganda.
Minister Kyambadde said that microcredit segment to informal sector and small businesses in Uganda is still virgin, noting that commercial banks just allocating simple package to them.
The minister asked Oya Microcredit proprietors to actively target the youth by availing them the opportunity; considering that loans from banks usually require collateral securities and have hefty interest rates.
Mr. Aaron Hoareau, the Chief Executive Officer and Country Director said: “We are here to help small businesses stay alive by providing access to working capital and small asset financing solutions of up to $3,500 to help micro and small business owners meet their every day business needs”.
He explained that the institution will too provide microcredit services to the youth without collateral agreements to provide opportunities for the establishment of businesses as well as creating jobs.
This, he told reporters, will enables them to become economically active, start their own enterprises, finance education and manage risks.
Oya microcredit Founder and Chairman Mr. Richard Nii Amarh Quaye commended Ugandan government for its continued support towards foreign investors including offering a conducive environment to do business in the country.
Mr. Amarh said the environment has allowed massive direct flow of FDIs into the country — leading to economic growth and job creation.
Figures from Bank of Uganda show that an improved investment climate has contributed to rising Ugandan exports that have registered a Compounded Annual Growth rate of 10% over the last 4 financial years, from USD2.7bn in FY15/16 to USD4bn in FY18/19.
Oya Microcredit company limited now operates in four African countries including Ghana, Liberia, Tanzania and Uganda —providing quick, and convenient access to credit by small business.
For now, Ugandan clients will be served by one branch in Kampala, located at Tank Hill road Muyenga opposite Hotel International.
Oya microcredit limited expects to be the market leader having conquered the market for serving microentrepreneurs in Ghana and Liberia.
