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US-based group to take over Faulu

By Vision Reporter

Added 14th December 2009 03:00 AM

OPPORTUNITY International, a US-based organisation that supports financial institutions, is finalising procedures to take over Faulu Uganda.

By Vision Reporter

OPPORTUNITY International, a US-based organisation that supports financial institutions, is finalising procedures to take over Faulu Uganda.

The development comes after Opportunity International acquired Faulu Uganda’s majority shares of up to 73% in 2006.

“We are successfully transforming and are glad that Faulu Uganda is now called Opportunity Uganda Ltd,” Archibald Mears, the chief executive officer, told the media at the firm’s Kololo head office in Kampala last week.

Rogers Kakeeto, Opportunity Uganda’s head of marketing and business development, said the take-over of Faulu was meant to strengthen the institution and give it the momentum required to compete at a regional level.

“All operations are unaffected and contracts signed under Faulu management continue in our new name,” Kakeeto said.

Faulu was worth sh12.1b before it was taken over, with over 15 years of experience in lending.

US-based group to take over Faulu

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