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U.S. Government Agencies DFC and USAID Partner with Opportunity Bank to Launch the First-Ever U.S. Lending Program to Refugees and Host Communities in Africa

Kampala, Uganda — The U.S. International Development Finance Corporation (DFC), the U.S. government’s development finance agency, has signed an agreement with Opportunity Bank Uganda Ltd that will enable an increase in lending to refugee businesses and Ugandan host communities by up to $9 million (33 billion UGX) over the next six years. This first-of-its-kind partnership in Africa is intended to help create and grow 60,000 small enterprises across Uganda access financing.

Roughly 70 percent of these loans will be for refugees, and 30 percent will be allocated to members of Ugandan host communities.

The U.S. Agency for International Development (USAID) is supporting the partnership by providing advisory services to prospective borrowers and Opportunity Bank. Given that 18,000 loans are specifically targeted for women, USAID is providing financial training to women borrowers and helping Opportunity Bank to design and market the loans to women. USAID will provide business skills to borrowers and support refugee lending across Opportunity Bank branches.

At the launch event, U.S. Ambassador to Uganda William W. Popp said, “Today, we are taking a big step toward many more refugees and Ugandan host communities fully participating in the formal economy by accessing life-changing financing opportunities. The U.S. government’s partnership with Opportunity Bank is proof of what we can accomplish when the public and private sectors combine efforts to empower communities.”

The CEO of Opportunity Bank Uganda Ltd, Owen Amanya, said, “For close to 30 years now, Opportunity Bank has been transforming the lives of underserved people and communities in Uganda, affirming this unwavering commitment by delivering tailored financial services to refugee businesses and host communities. We appreciate this partnership with the U.S. International Development Finance Corporation, which is aligned with the Bank’s mission to reduce poverty levels and transform lives and communities. The partnership will unlock opportunities and see very many previously financially excluded refugees and Ugandans in the host communities given a chance to earn an income and live a life of dignity and purpose.”

The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, infrastructure, agriculture, and small business and financial services. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.  

The United States Agency for International Development (USAID) is the U.S. government agency that leads international development and humanitarian assistance in collaboration with partner countries. The agency works together with individuals, communities, and countries globally to improve everyday lives. USAID’s efforts provide humanitarian assistance, reduce poverty, strengthen democratic governance, advance economic opportunities, and help achieve progress beyond programs.

Opportunity Bank Uganda Limited is a financial institution licensed and regulated by the Central Bank of Uganda. The bank offers tailor-made products and services for individuals, and micro, small, medium and large-sized enterprises across sectors like agriculture, education, trade, clean energy, water, and sanitation, among others. A special focus is accorded to underserved segments such as women, youth, refugees, and persons with disabilities.

Introduction:
The rise of technology has revolutionized the way we manage our finances, with online banking becoming increasingly popular. While convenient, it’s crucial to prioritize security when conducting financial transactions on the internet. Protecting your personal and financial information should be a top priority. In this article, we will outline essential tips to help you stay safe while banking online, ensuring your financial well-being remains intact.

Choose a Reputable Financial Institution:
When selecting an online bank, opt for a reputable financial institution with a proven track record of security. Research and choose a bank that employs robust security measures, such as two-factor authentication (2FA), encryption, and monitoring systems. Look for banks that have a strong online presence and positive customer reviews, as they are likely to prioritize your security.

Create Strong and Unique Passwords:
One of the fundamental aspects of online security is creating strong and unique passwords. Avoid using obvious passwords, such as birthdays or simple combinations like “123456.” Instead, opt for complex passwords comprising a mix of uppercase and lowercase letters, numbers, and special characters. Consider using a reliable password manager to generate and securely store your passwords.

Utilize Two-Factor Authentication (2FA):
Enable two-factor authentication whenever possible. 2FA adds an extra layer of security by requiring two forms of identification to access your online banking accounts. Typically, this involves entering a password and then providing a second verification method, such as a unique code sent to your mobile device. By enabling 2FA, even if someone guesses or steals your password, they won’t be able to access your account without the additional verification.

Regularly Update Your Software and Devices:
Ensure that your operating system, web browser, and security software are up to date. Regularly updating your software and devices ensures that you have the latest security patches, protecting against known vulnerabilities. Enable automatic updates whenever possible, or set reminders to manually update your systems regularly.

Be Wary of Phishing Attempts:
Phishing is a common tactic used by cybercriminals to trick individuals into revealing sensitive information. Be cautious of unsolicited emails, text messages, or phone calls that request your personal or financial details. Legitimate financial institutions will never ask you to provide sensitive information through these channels. Double-check the sender’s email address, scrutinize URLs before clicking on them, and verify the authenticity of any communication before sharing any sensitive information.

Secure Network and Wi-Fi Connections:
Avoid conducting online banking transactions using public Wi-Fi networks, as they are often unsecured and susceptible to interception by hackers. Instead, use a secure and private internet connection, preferably a password-protected Wi-Fi network or a trusted virtual private network (VPN). VPNs encrypt your internet traffic, ensuring your data remains secure while accessing online banking services.

Regularly Monitor Your Accounts:
Stay vigilant by regularly monitoring your online banking accounts. Check your transaction history frequently to identify any unauthorized activity. If you notice any suspicious transactions, report them to your bank immediately. Keep an eye out for any email or text notifications from your bank, as they may alert you to any suspicious activities or security breaches.

Educate Yourself and Stay Informed:
Stay up to date with the latest security practices and online banking trends. Financial institutions often provide security resources and guidelines for their customers. Take advantage of these resources and educate yourself on common security threats. By staying informed, you can better protect yourself from evolving cyber threats.

Conclusion:
Banking online offers unparalleled convenience, but it also carries inherent risks. By following these essential tips, you can significantly enhance your online banking security. Remember to choose a reputable financial institution, create strong passwords, enable 2FA, regularly update your software, remain vigilant against phishing attempts, use secure networks, monitor your accounts, and stay informed about online security trends. By prioritizing security, you can enjoy the convenience of online banking while safeguarding your financial well-being.