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 Ugandaâ€™s majority shares of up to 73% in 2006.
â€œWe are successfully transforming and are glad that Faulu Uganda is now called Opportunity Uganda Ltd,â€ Archibald Mears, the chief executive officer, told the media at the firmâ€™s Kololo head office in Kampala last week.
Rogers Kakeeto, Opportunity Ugandaâ€™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.
â€œAll operations are unaffected and contracts signed under Faulu management continue in our new name,â€ 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