2024 Impact Report by Opportunity International

Impact Report

Transforming the lives of people living in poverty through research and humancentered innovation

A MESSAGE FROM OUR CEO

We are living in a time of profound change. The international development landscape is evolving, calling us to respond with innovation, integrity, and an unwavering commitment to the people we serve. Opportunity International’s mission remains clear: to ensure that all people have the opportunity to build a life of dignity and purpose, free from poverty.

Our 2024 Impact Report highlights the ways we are sharpening, standardizing, and scaling our core programs in Education Finance, Agriculture Finance, Microenterprise, Graduation, and Health

Nearly 700 million people still live on less than $2.15 per day. We remain steadfast in ensuring that families have the financial tools and support to break free from poverty and build sustainable futures. Through our unique global platform, in 2024 alone we have mobilized over $2.5 billion in capital to help women build businesses, families run farms, and children attend school.

At the heart of our work is the lesson of the Good Samaritan, who did not look away but instead provided support to someone in need. Dr. Martin Luther King Jr. challenged us to go further: “We are called to play the Good Samaritan on life’s roadside, but that will only be an initial act. One day the whole Jericho Road must be transformed so that men and women will not be constantly beaten and robbed as they make their journey on life’s highway.” This is our call, not only to serve those in need today but to build systems that create lasting change.

This report illustrates our efforts at building the road to Jericho. Together, we will continue expanding opportunity, deepening our impact, and ensuring that millions more people can thrive in dignity and purpose.

God’s best,

Atul Tandon Chief Executive Officer Opportunity International

Thanks to her training as a banking agent, Anaswara (left) uses technology to expand financial access for women in her community in India. Women around the globe are becoming teachers, farmers, and entrepreneurs, guided by Opportunity’s three-pronged model of training, access to financial resources, and support.

GUATEMALA*

SERBIA HONDURAS

NICARAGUA HAITI

DOMINICAN REPUBLIC*

EL SALVADOR*

COLOMBIA PERU*

GHANA

ECUADOR*

NIGERIA

DEMOCRATIC REPUBLIC OF THE CONGO ZAMBIA*

PARAGUAY

Where We Work

*EduFinance presence only **Health presence only

Opportunity International works in 30 countries—including 8 of the countries with the highest number of people living in extreme poverty—where we partner with experienced in-country staff to enable people living in poverty to build sustainable livelihoods.

ETHIOPIA* UGANDA

RWANDA KENYA

TANZANIA*

MALAWI

MOZAMBIQUE MADAGASCAR*

PAKISTAN*

INDIA

NEPAL**

BANGLADESH**

INDONESIA

PHILIPPINES

CAMBODIA*

2024 IMPACT AT A GLANCE

$2.5B

Total Capital Released to sustainably serve the financial needs of low-income populations

21.2M

Unique Clients

Young students at a school in Uganda supported by Education Finance take a break from class and line up for a lunch of rice and beans.

Theory of Change

Opportunity International’s theory of change asserts that engaging in core activities—mobilizing finance; building capacity through training, mentorship, and technical assistance to financial institutions; and strengthening networks/group support—implemented through core program areas—microenterprise, agriculture, education, health, and graduation—will bring about enabling outcomes for our clients. As a result, our clients will achieve ultimate outcomes of resilience and opportunity.

Our end goal: empowering pathways out of poverty towards sustainable livelihoods. Our significant differentiator: a commitment to mobilizing capital—including credit support mechanisms, capital solutions, and tailored financial services—nurtures an ecosystem which supports the economic integration of people living in the deepest poverty. We seek to ensure that marginalized people have access to the tools they need so they can feed their families, afford decent healthcare, provide education for their children, and enjoy adequate shelter.

Thanks to a loan and training from Opportunity International, Alice and her family in Rwanda have upgraded their home with an improved floor, advanced irrigation for their crops, and started poultry farming.

PATHWAYS OUT OF POVERTY TOWARDS SUSTAINABLE LIVELIHOODS

RESILIENCE

Able to manage risk and ﬂourish

OPPORTUNITY

Agency and conﬁdence to capture potential

• Income

• Assets

• Jobs FINANCIAL RESOURCES

• Knowledge

• Productivity

• Ability HUMAN CAPITAL

• Social Ties

• Growth

• Viability THRIVING CONNECTIONS

• Credit Support Mechanisms

• Capital Solutions

• Tailored Financial Services MOBILIZE FINANCE

• Training & Mentorship to Clients through Trusted Agents

• Technical Assistance to Financial Service Providers BUILD CAPACITY

STRENGTHEN NETWORKS

Group Support, Services, and Market Linkages to Expand Client Resources

Laboni gave birth to a healthy baby girl in a hospital in Bangladesh, thanks to health education from her local Health Leader.

UN Sustainable Development Goals

The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint “for peace and prosperity for people and the planet, now and into the future.” The UN recognizes that eradicating poverty is the greatest global challenge and an indispensable requirement for sustainable development. All countries and all stakeholders, acting in collaborative partnership, are working to implement this plan. The 17 Sustainable Development Goals are integrated, indivisible, and balance the three dimensions of sustainable development: the economic, social, and environmental. Opportunity’s work to empower our clients to transform their lives contributes to the accomplishments of ten Sustainable Development Goals.

Microenterprise

Development Agriculture Finance

See definitions of the 2030 Sustainable Development Goals, Targets, and Indicators table on pages 32–33

Sustainable Development Goals

Education Finance

PROGRAM OVERVIEW

The

mission of Opportunity’s Education Finance

work is to

get more kids into better schools. That’s it. Everything we are doing with the schools is for that purpose: to get more kids into school and have them learning more while they are there.”

ANDREW M c CUSKER Head of Education Finance, Opportunity International

To empower schools to provide accessible and quality education to learners like the one pictured (next page), Opportunity International’s Education Finance program is one of the only initiatives that provides financial access to both educators and parents, we have partnered with 203 financial institutions that have collectively mobilized over $1 billion in education, benefiting an estimated 16.3 million children across 32 countries. We have built capacity and strengthened networks, enabling nearly 20,000 schools and over 90,000 parents are currently borrowing, making it possible for more children to get access to the quality of education that can

change their lives. With 38 million additional seats needed for children by 2026, combined with a $36 billion education financing need, we feel a sense of urgency to expand our network of global partners and continue our mission to get more children into better schools. Education for all children—girls, boys, children who are socially disadvantaged—is critical to breaking the cycle of generational poverty. Opportunity International’s Education Finance team is committed to integrating equality principles into capacity building of school proprietors and teachers. In 2024, 41% of schools were owned by female school owners; we will continue to empower female school owners by mobilizing more access to capital and professional development training.

Research: The Power of Education Quality

Through Opportunity’s three-year Education Quality program, we deliver school leader professional development and peer coaching to over 2,000 schools annually, underscored by an ongoing effort to ground our program in best practices and lessons learned.

In January 2024, we published How to Design Effective Support to School Leadership: Lessons from Existing Research, addressing critical questions on school leadership in low- and middleincome countries:

1. What can we learn from existing research on successful training programs for school leadership?

2. What makes these programs effective, and how can these lessons be applied in practice to ensure Opportunity’s Education Quality program continues to improve learning outcomes for disadvantaged students?

The evidence identifies three necessary conditions for school leadership to have any impact on learning:

1. Focus school leader training on teacher development and coaching.

2. Use student-level data to improve school leader accountability systems.

3. Build parent capacity to engage in school management.

Reaching students like this young learner in Colombia is the focus of our Education Finance work which puts more children in better schools.

During the 12-month period between November 2023 and 2024, Education Finance facilitated 2,745 school development plans, spanning 13 countries. On average, 94% of schools self-reported improvements across five key areas, reflecting the positive impact of their targeted efforts to implement school changes:

u 98% improved teaching and learning

u 97% improved health, safety, and hygiene

u 94% improved relationships with staff and learners

u 91% improved finances and business management

u 86% improved relationships with parents and community

Industry Leaders: Convening and Collaborating for Maximum Effectiveness

Opportunity International hosted the Global Education Finance Conference in Arusha, Tanzania, in October 2024. We convened financial institutions, impact investors, development finance institutions, bilateral funders, and researchers from around the world to discuss lessons learned and opportunities in education finance. Over 150 attendees from 26 countries participated in interactive brainstorming sessions, led dynamic discussions on education finance innovations and solutions, and considered data-driven analysis of the latest trends and opportunities in their markets that are shaping the future of education finance.

Innovation: How are we reaching people living in the deepest poverty?

In 2024, Opportunity launched our digital innovation lab—the CoLab—to create advanced digital solutions addressing some of the world’s toughest development challenges. No one knows the people we serve better than our staff working together with them on the ground. From the CoLab’s first cohort

of innovations, two digital solutions for Education Quality are being piloted:

u Teachers face the challenge of meeting each student’s unique learning needs while adhering to standardized curricula. Enter The Teacher’s Assistant, an innovative Android application designed to revolutionize the way educators approach lesson planning and student engagement. This app creates detailed profiles of both the class and individual students, including grades, strengths, areas for improvement, and preferred learning styles, providing a comprehensive view of each learner so that curricula can be developed into customized lesson plans.

u Dedicated but very busy school principals often find themselves struggling to implement the school improvement plans they create in Opportunity training, in spite of the guidance and tools provided in Opportunity’s Pathways to Excellence curriculum. MySchool uses AI to search Pathways to Excellence to help leaders find the right information at the right time, to accelerate school improvement and increase the chance of student success.

Opportunity hosts School Leadership Academies— this one in Nigeria—that connect school proprietors with potential financial institution partners.

Mobilizing Capital

In 2024, our ongoing partnership with global impact investor Oikocredit reached its third year of implementation and yielded a record $35.4 million of debt investments by Oikocredit into nine of our financial institution partners in Education Finance across eight countries. This capital will allow our partners to lend to schools and parents of school-age children and support activities in other high-impact sectors including water and sanitation, healthcare, and affordable housing. An estimated 330,000 children are benefitting from the mobilization of capital resulting from our collaboration.

EDUCATION FINANCE IMPACT

Theory of Change: Enabling Outcomes

Agriculture Finance

AGRICULTURE FINANCE OUTREACH

Growth in agriculture has been shown to be two to four times more effective in alleviating poverty than other sectors—fewer people go hungry, fewer children miss school, and more rural families can build sustainable livelihoods.”

TIM STRONG Head of Agriculture Finance, Opportunity International

PROGRAM OVERVIEW

Working with Farmer Support Agents like Anna (next page) to grow and earn more, Opportunity International’s Agriculture Finance program offers targeted training, access to financial solutions, and group support. Opportunity mobilizes finance, builds capacity through training, and strengthens networks through group support and market linkages. Farmers learn to operate more effectively, creating sustainable economic opportunities for families living in some of the world’s most impoverished areas. Over 80% of Africa’s farms are smallholder-owned, yet they operate at

20–30% of their potential yields. The current market

assessment shows a staggering $200 billion annual financing gap, presenting both a challenge and a substantial market opportunity. Opportunity works as a catalyst of change focused on scaling rural prosperity; we know that when farmers grow more and earn more, communities thrive, and the cycle of generational poverty can be broken. In 2024, we hired 50% more Farmer Support Agents—the best farmers who are tapped to teach their peers. These local agents served 68% more farmers compared to last year. Loan disbursement grew 155%, finishing at 70% over target. Training in regenerative agriculture provided tools for farmers to improve soil health and prepare for weather-related risks; group dynamics training reinforced the importance of strong financial management and conflict resolution.

Research: The Power of Agriculture Finance

Farmer households surveyed in Ghana, Malawi, and Uganda reported that, after three years of receiving Opportunity Agriculture Finance services, their children missed fewer school days—parents in Uganda specifically reported 50% fewer missed school days compared to three years prior. Opportunity’s farmer clients were twice as likely to have increased their income over a three-year period. Additionally, Opportunity-served farmers used loans to hire 78% more farm labor and purchased 30% more livestock— creating more jobs and fueling local economies.

In Ghana, a study found that agriculture loans directly increased small farmers’ spending on much-needed inputs such as fertilizer and seed by 42%. In Uganda, Opportunity-served coffee farmers increased their total production by 58% compared to non-clients.

Industry Leaders: Partnership and Growth

In August 2024, Opportunity International’s Agriculture Finance Summit in Lilongwe, Malawi, brought together leaders to address “Banking Solutions for Durable Growth.” We launched work with four new financial partners, enhancing our ability to connect farmers with the capital they need to grow more and

earn more. Understanding the needs of excluded farmers, especially women, and strengthening financial institutions to serve this market, Opportunity collaboratively builds more inclusive financial systems.

Innovation: How are we reaching people living in the deepest poverty?

Opportunity’s CoLab is an idea generator and innovation incubator, building AI solutions to accelerate our impact. This year, one of the three winners of the first cohort of Opportunity’s International CoLab provides customized solutions and advice for smallholder farmers in Africa:

Smallholder farmers face challenges accessing information to help them solve the many challenges they face as traditional farming practices lose relevance in the face of new, often extreme, weather patterns. Using our high-tech, high-touch approach, Opportunity is leveraging AI to deliver crucial and timely agricultural information that helps our farmers grow more and earn more. The information is delivered through Opportunity’s technologyequipped, community-based Farmer Support Agents. In 2024 Opportunity piloted Farmer AI in Malawi. Farmers liked it so much that Opportunity is expanding its use in Malawi and replicating it in five additional countries. With Farmer AI, the agents use WhatsApp to link to AI to generate immediate answers to farmer questions, using reliable sources.

(Center) Anna, a Farmer Support Agent, uses Ulangizi AI chatbot with her farmer group members, Malawi. Ulangizi, which translates as “advice,” provides ag best practices and potential diagnoses on crop and livestock challenges.

Mobilizing Capital

In 2024, Opportunity Agriculture Finance furthered its activities in the intersection of farmer resiliency, adaptation to extreme weather events, and inclusion of women in financial services, designing a blended finance initiative aimed at providing credit risk mitigation for loans originated to farmers transitioning to regenerative agriculture practices. This work has been supported by large, global investors and philanthropies, including Cisco Foundation, the Development Bank of Ghana, the Catalytic Capital Consortium, and the Catalytic Climate Finance Facility, among others. Designing and implementing credit support mechanisms is a key component of the Mobilize Finance core activity of our theory of change.

AGRICULTURE FINANCE IMPACT

Theory of Change: Enabling Outcomes

Microenterprise Development

Access to formal accounts and credit has improved, yet significant gaps remain for women and youth. Opportunity clients have the dreams, aspirations, determination, and commitment to lift themselves out of poverty and break the cycle of generational poverty within their lifetime.”

Opportunity International is fundamentally rooted in the microenterprise best practices we have been implementing and improving— based on client needs and feedback—for over five decades. The pillars of our work in education finance, agriculture finance, ultrapoverty graduation, and health are built on the lessons learned from smart microenterprise: deliver customized training to clients through face-to-face support and innovative digital tools; provide access to financial literacy, resources, and linkages; work through and with supportive peer groups for training opportunities, accountability, and synergies. MICROENTERPRISE OUTREACH

PROGRAM OVERVIEW

ALICE NORAH LAJWA Africa Regional Office, Women’s Empowerment Lead, Opportunity International

Research: Increasing Income via Microenterprise

Conducted by the independent research organization 60 Decibels, this report underscores the profound impact of Opportunity International’s microfinance institution partners across Africa, Asia, and Latin America. Average results from 4,765 client surveys across 15 Opportunity partners in 2024 show:

u Opportunity partners reach excluded clients: a majority did not previously have access to financial services (59%) or had no access to good alternatives (57%).

u 92% of clients reported increased income thanks to the financial services they receive.

u 93% of clients reported improved quality of life, thanks to the assistance they received with a large majority of clients reporting increased access to children’s education (75%) and improved quantity and/or quality of meals (73%).

Industry Leaders: Transformative Power of Financial Inclusion

Opportunity CEO Atul Tandon has witnessed firsthand the transformative impacts of financial inclusion, economic development, and support for people living in the deepest poverty. As a former banking executive with Citibank and a renown nonprofit leader in the fight against poverty, Atul has dedicated his life to helping millions of families around the world achieve sustainable livelihoods. Learn more on the Business Fights Poverty podcast with Katie Hyson.

Innovation: How are we reaching people living in the deepest poverty?

Digital financial inclusion: In May 2024, Dia Vikas Capital partnered with Avanti Finance Private Limited, a digital financial inclusion platform with a vision to facilitate affordable financial services to the next 100 million underserved households. Avanti partners with over 80 microfinance institutions, NGOs,

digitechs, and agtechs to serve over half a million clients across 32 states in India. Avanti helps create a digital footprint for borrowers that builds creditworthiness and improves their access to finance.

Building resilience and sustainability for smallholder farmers: Opportunity financial institution partner Pahal is helping farmers in India build their resilience and reduce environmental impact through its biodigesters program, turning animal waste into biogas for cooking or machine operating.

Preparing for formal finance: In Colombia, Opportunity partners with banks and fintechs to move clients from our informal savings groups to formal financial inclusion. Currently 1,000 groups serve 14,000 clients.

Mobilizing Capital

Our unique model mobilizes capital through relationships with financial institution partners. Thanks to Opportunity’s expertise—including training on supporting women, youth, and other marginalized people—banks and microfinance institutions work with us to build financial products that meet the needs of our clients, while lowering financial risk for all. For example, in 2023, Opportunity Bank Uganda Limited (OBUL) began utilizing loan guarantees for refugee and host communities in Uganda. In 2024, those loan guarantees enabled over $160,000 in loans for refugees and their host communities.

Savings groups have proven to be one of the most impactful interventions for women and smallholder farmers. These groups provide a simple and secure system for communities to save money, receive loans, and secure emergency insurance. Group accountability and recordkeeping—typically a group ledger and individual passbooks—serve unbanked individuals and often lead them to connect with formal financial institutions. We are piloting the digitization of savings group ledgers in Malawi and Uganda, specifically for groups of women, people with disabilities, and smallholder farmers. In 2025, we will gather data to see if the digitization effort has increased the average savings per group or made it easier to meet emergency expenses.

Twaina, secretary of her savings group, takes attendance and records payments at a savings group meeting in Malawi.

Graduation PROGRAM

OVERVIEW

Samson and his wife lived in the deepest poverty in Blantyre, Malawi, unable to meet their basic needs like enough food and safe housing. The Graduation model, a methodology developed by BRAC in 2002, was designed to meet the needs of people just like Samson and his family, and aligns with the core activities of Opportunity that lead to ultimate outcomes of resilience and opportunity. Within 18 months, Graduation programs help destitute families earn a sustainable livelihood, while the immediate goal is to meet basic family needs. Participating families receive an economic asset—like livestock or startup products for a small shop— to help them build a source of income, as well as holistic training and coaching to help them build financial skills and business acumen.

Cartagena has changed thanks to you, who have empowered yourselves, built confidence, and impacted your families and communities. With more than 200 businesses, you have begun to create an entrepreneurial fabric in your neighborhoods that we cannot and must not abandon or stop strengthening in Colombia.”

CAMILO GARCÍA Vice President of Strategic Partnerships for Opportunity International in Latin America highlighting the

lasting impact graduates are having in their communities.

We first piloted a Graduation model with partner Fonkoze in Haiti, whose more than a decade of experience with this work boasts an astounding 95% of participants successfully starting and growing two businesses and improving their housing. These parents are now feeding their families and sending their children to school.

We have expanded and customized Graduation to serve two different regions: the urban context of Cartagena, Colombia, and rural villages in Malawi—programs designed to help mothers living in extreme poverty feed their families, run their own businesses, find a steady income, send their children to school, provide safe shelter, save money to provide security for the future, improve their self-esteem, and be more connected to their communities.

u In Haiti, Fonkoze and Opportunity International launched the newest cohort of the Graduation program, serving 350 families living in poverty in the Baie de Henne community and 300 families living in poverty in the Bombardopolis

Through the Graduation program in rural Blantyre district, Malawi, Samson and his wife are learning how to care for livestock and manage their finances, enabling them to send their children to school and to provide three meals a day.

community. Even amid local turmoil, staff trained participating families in financial literacy, business opportunities, and savings groups.

u In Colombia, Opportunity launched the first cohort of 250 families in Cartagena in January 2023; every single participant began the program in strata one—the lowest income communities in the country. In August 2024, we celebrated the conclusion of this Graduation cohort which had a graduation success rate of 86%. To graduate successfully, participants had to demonstrate significant improvements in their initial conditions and meet the criteria in four areas: food security, economic resilience, basic rights/services, and community connections.

u In Malawi, Opportunity launched the first rural Graduation cohort of 120 families in Blantyre, Malawi two years ago, and in April 2024, celebrated the graduation of 88% of the original participants—with an extension through December 2024 to support the remaining 12%. The program timeframe was longer than planned due to a devastating cyclone in 2023; the program

adapted to provide extra support to clients and other community members who lost their homes, livestock, and farms in the floods. Graduates exclaimed, “Usiwa watha!” (“Poverty has ended!”) as they celebrated the completion of their program; 100% of households were able to send all their children to school; 93% of participating households now have two sources of income; 88% of households now report having three meals a day.

Research: Exploring Graduation Impacts

One of the challenges in the Graduation program in Haiti was retaining Graduation participants in their savings groups, a key component to encourage semi-formal or formal access to financial services that can increase their resilience and contribute to their growth. Fonkoze tested the addition of a Community Agent to savings groups:

u The recruitment and integration of Community Agents creates a new layer of actors strengthening savings groups who are not Graduation staff.

u Community Agents are paid by the savings groups themselves.

u Training, materials, refresher sessions, and ongoing coaching for Community Agents are provided by Fonkoze/Opportunity, ensuring the success of Community Agents.

u The Community Agent’s ability to talk and engage with savings groups and their leaders becomes the essential core to success.

The results? Retention of savings groups members increased by 18%; savings increased by 16%; savings group and per-member pay-outs grew 20%.

The rural Graduation model in Malawi supports families living in the deepest poverty, struggling to meet basic needs. At the start of the program, 100% of participants lived on less than $1.25/day and 89% had no access to financial products or services.

Thanks to the faithful focus of families in Malawi and the unflagging support of Opportunity’s team of grassroots workers, more than 100 families have “graduated” from the lowest level of poverty and are on a path to sustainable livelihoods. Crucial to the success of this deeply client-centric program are the community-based case workers. Each case worker supports 20 households. They help families stay on track in making substantial life changes, provide links to services not provided by the program (such as rural health insurance), and provide psycho-social care. The impact of this program goes beyond the participant, as all family members play key roles in improving their quality of life:

u 95% of participants were trained in financial literacy, business management, water sanitation, hygiene, and mental health

u 95% participate in a savings group

u 90% operate a small-scale business

u 75% of households have increased their value of assets by 50%+

Industry Leaders: Strategic Partnership-Building

Thanks to the strategic and forward-thinking leadership of Camilo Garcia, Vice President for

Strategic Partnerships in Latin America, Opportunity International, and Carlota Arias, Project Manager for Community Economic Development, new relationships have been formed between Opportunity International and the city of Cartagena, Colombia

The positive results of the inaugural Graduation cohort—including the growth in average daily income from pre-program $0.86/day to post-Graduation $2.53/day—convinced the city of Cartagena to invest in the program, enabling our second Graduation cohort to double in size to serve 500 families.

Innovation: How are we reaching people living in the deepest poverty?

Ultra-poverty interventions demand customized human and financial resources—significant commitments that lead to long-term outcomes. As we learned in Haiti, securing Community Agents strengthens participation in savings groups; in Colombia’s Graduation program, close and continuous coaching by staff facilitators is fundamental to the success of participating families. Compared to business-focused training and microfinance services, a holistic Graduation program is a greater investment of time and resources; the impact of this investment is reflected in the enormous gains achieved. This approach allows families to achieve self-sufficiency and develop strategies that ensure their long-term sustainability.

SPOTLIGHT: COLOMBIA’S GRADUATION IMPACT

Theory of Change: Enabling Outcomes Program

In addition to the crucial health education they provide, our female Health Leaders are also empowered through this initiative, giving them increased confidence and a sense of identity in the community.”

ANNIE WANG Head of Global Health, Opportunity International

HEALTH OUTREACH

*Gender-based violence prevention, support, and counseling **Trafficking prevention and community education

PROGRAM OVERVIEW

For Popi (next page) to build a better life for herself and her family, she needs access to preventative and restorative health. Just as Opportunity mobilizes capital and builds capacity in education, agriculture, and microenterprise, improving health for families enables them to move out of poverty into productive and resilient households. To date, we have focused on primary health in vulnerable and rural communities in Asia (India, Bangladesh, Indonesia, and Nepal), through community-based, locally-led programs at the intersection of health and financial inclusion. The three key parts of the program—Health Leaders, Health Entrepreneurs, and Health Finance improve access to healthcare, change health attitudes in the community, and provide incomegenerating opportunities for local women.

In Bangladesh, Popi is saving for a safe delivery after receiving training from a Health Leader in her community.

Research: Health Finance Pilot Indicates Positive Potential for Investment

Research from the World Health Organization suggests that 90% of essential health needs could be met by bringing primary healthcare to vulnerable communities. However, significant barriers persist: public health systems cannot address the widespread gaps in care; private providers often lack resources to offer quality care; and some communities remain inaccessible due to their remote locations, leaving millions without the care they need. Health-related crises are a leading cause of loan defaults—underscoring the heavy burden of medical expenses on families working to break free from poverty. Opportunity led a pilot that met a critical demand for emergency health loans, which microfinance institutions have been hesitant to offer. Of our 300-loan pilot, clients showed repayment

rates at upwards of 90%. We will continue to work with financial institution partners to co-build products such as emergency loan savings accounts and mutual insurance.

Industry Leaders: Global Community of Practice

In 2023, Opportunity launched a unique global community of practice to share knowledge on “credit plus health programs” which strengthen primary health care delivery. Over 20 microfinance institutions serving 30 million women in Asia participate in this Opportunity-hosted forum.

Innovation: How are we reaching people living in the deepest poverty?

In partnership with the local nonprofit Shakti Foundation, Opportunity launched a pilot of 11 mobile medical vans to take health services to remote communities in

Bangladesh. In its first year, 30,484 people accessed primary healthcare services, with a focus on girls’ and women’s health. Female Health Leaders were trained as medical attendants to deliver comprehensive care for rural communities, who live outside of the reach of traditional health services.

In August, devastating floods struck the southwest region of Bangladesh, impacting the lives of over five million people. In response, three of the mobile medical clinics were deployed to provide emergency health services and serve as emergency transport in these remote and underserved communities.

SDGs

Targets 1.1, 1.2, 1.4, 1.5, 3.1, 3.2, 3.3, 3.4, 3.7, 3.8, 3.c, 5.1, 5.2, 5.6, 8.10, 10.2, 17.3

Expanding Health

With strong expertise at the intersection of primary health and financial inclusion and a track record of collaborating with financial institutions to deliver high impact programs, Opportunity is uniquely poised to mobilize financial partners to deliver community health education, strengthen private sector primary care, and increase health finance interventions to reduce catastrophic health expenditure. With the appointment of Annie Wang as Head of Global Health for Opportunity International, we are committed to building out impactful, scalable, sustainable health programs coupled with financial literacy and customer education. One of our early proposed projects is expanding health outreach to Africa.

Pramila works as a Health Leader in India where she reaches an average of 150 families annually with health education and preventative care.

Appendix

IMPACT MEASUREMENT

Opportunity’s work is driven by a theory of change that links our activities, logically, to our intended outcomes and ultimate impact. We measure progress along this theory of change to document the outcomes clients experience as a result of participating in Opportunity programs and becoming financially included. This data, along with findings from our more focused or rigorous research and research by external experts, is presented in this report.

Opportunity also builds the capacity of financial institutions to carry out Social Performance Management (SPM), which encompasses implementation of client protection principles and measuring and achieving poverty outreach targets. Opportunity’s outcome and impact measurement work makes Opportunity a data-supported learning organization and enables us to remain client-driven while bringing cutting edge innovation to people living in poverty around the globe. We are committed to contributing towards the U.N. Sustainable Development Goals, mapping our initiatives against these goals to ensure alignment.

MEMBERS OF THE OPPORTUNITY NETWORK AND DISCLOSURES

Opportunity International Inc. is incorporated in the United States of America, it implements the EduFinance and AgFinance programs, with support from other parts of the Opportunity International Network, which includes Opportunity International Australia, Opportunity International Canada, Opportunity International Germany, Opportunity International UK, and Opportunity International US.

Opportunity Australia implements the Health and Women’s Safety programs. Opportunity Australia receives support from the Australian Government through the Australian NGO Cooperation Program (ANCP).

Opportunity Australia is a majority shareholder of Dia Vikas. Opportunity International Inc. is a minority shareholder of Dia Vikas.

DATA AND METHODOLOGY

GLOBAL IMPACT DEFINITIONS

Total capital released

Total value of loans made by Opportunity’s financial institution partners across Microenterprise, AgFinance, and EduFinance programs globally.

Unique clients Savings clients from Network financial institution partners, loan clients from Network financial institution partners, farmers served through AgFinance, loan clients with EduFinance financial institution partners.

Financial institution partners

EDUCATION FINANCE DEFINITIONS

Value of loans provided to schools and learners

Number of unique financial institutions and NGOs engaged with Microenterprise, AgFinance, and EduFinance.

Value of loans disbursed during the year by financial institution partners or all EduFinance products, including loans to school proprietors and to parents for school fees.

Children reached by EduFinance

Schools financed

Student loans disbursed

Financial institution partners

Schools participating in EduQuality

% of schools that increased annual income

% of schools that employed more teachers

No. of teachers employed and hired

No. of teachers employed and hired that are women

Year-over-year student retention rate

% of school leaders with constant or improved ability to manage finances

% of schools with constant or improved EduQuality rating

% of schools that improved teaching practices

% of school leaders with constant or improved management practices

% of schools that report constant or improved clean and safe school environment

Aggregate number of children either attending the schools financed through EduFinance loans or number of children accessing School Fee Loans (SFL).

Schools receiving School Improvement Loans (SIL) or Tertiary Institution Loans (TIL) during the reporting period.

Number of loans disbursed by financial institution partners to individuals for School Fee Loans (SFL), Tertiary Tuition Loans (TTL), Teacher Loans (TL), and Vocational Loans (VL) during the reporting period.

Number of financial institution partners (FIPs) actively partnering with EduFinance as of the end of the reporting period through technical assistance or portfolio lending.

Number of schools actively participating in Opportunity’s EduQuality program as of the end of the reporting period.

Data from an annual survey of school leaders.

Data from an annual school leader self-assessment.

Based on classroom observation, the EduQuality program produces teaching practice scores for participants across different instructional areas. This index generates an aggregate score. Note also, it takes time for teaching practices to improve as teacher-mentors work to cascade learning to other teachers.

Data from an annual assessment of school leadership, quality, and behavior, conducted by monitoring and evaluation specialists.

Data from an annual school leader self-assessment.

AGRICULTURE FINANCE DEFINITIONS

Value of loans provided to farmers

Households reached

% of clients that are women

Farmer loans disbursed

Farmer Support Agents (FSAs)

Farmers supported by FSAs

% of new farmers supported by FSAs living in extreme poverty

Financial institution partners

% of clients with increased ag income

No. of jobs created or sustained

No. jobs created or sustained for youth

% of clients who report that it would be easy to meet an emergency expense

Value of agriculture loans disbursed during the year for all AgFinance products.

Number of households and agribusinesses who received financial services (loans and/or training) during the reporting period.

The percent of farmers receiving loans or served by Farmer Support Agents (FSAs) that are women.

Number of agriculture loans disbursed to farmers during the reporting period across all AgFinance products.

Number of active agents delivering trainings to smallholder farmers within the reporting period.

Number of farmers trained, profiled, or supported by Farmer Support Agents (FSAs).

Percent of new farmer clients living under $2.15 per day according to Progress out of Poverty (PPI).

Number of financial institutions with signed partnership agreements as of the end of the reporting period.

Clients are asked whether their farm income from their one or two most significant crops increased, remained the same, or decreased in the most recent harvest season, compared to the same season last year.

Number of people hired by clients last season (could be part-time, full-time, seasonal).

Youth is defined as people under the age of 35.

Based on a survey question in World Bank Global FINDEX survey and the 60 Decibels’ microfinance client surveys.

MICROENTERPRISE DEFINITIONS

Total value of loans made by Opportunity’s partners

Financial institution partners

No. of clients with loans

% of clients with loans from rural areas

Average loan size

Average savings size

% of clients with increased income

% of clients increasing employment

% of clients who would find it easy to meet an emergency expense

% of clients whose ability to meet an emergency expense has been improved

% of clients whose ability to manage their finances has been improved

% of clients whose confidence in themselves and their abilities has improved

% of clients whose ability to achieve their financial goals has improved

% of clients who report improved quality of life

% of clients who report improved access to healthcare

% of women clients with improved ability to make decisions independently

GRADUATION DEFINITIONS

% of clients whose income has gone above the poverty threshold of income per day

Average savings accumulated per client

% of clients who have a stable (sustainable) livelihood

% of clients who graduate

% of clients who are experiencing food security

% of clients who have sufficient food for next 5 days

% of clients who increased community participation

The value of loans made during the reporting period by financial institution partners.

Number of Opportunity’s financial institution partners that deliver loans and savings services to clients.

Number of borrowers during the reporting period.

Percent of clients with loans that are from rural areas during the reporting period, based on data from 80% of all loan clients globally.

The total value of loans made by Opportunity’s partners divided by the number of clients with loans for the reporting period.

Weighted average of savers in Asia, Africa, Latin America (Serbia not included).

From annual client surveys of multiple partners in different regions. Clients are asked if the indicator changed as a result of Opportunity microfinance.

From annual client surveys of multiple partners in different regions, based on a survey question in World Bank Global FINDEX survey.

From annual client surveys of multiple partners in different regions. Clients are asked if the indicator changed as a result of Opportunity microfinance.

The poverty line is defined by local poverty levels, rather than international levels as measured by the poverty probability index.

Note that the value of the US dollar may be influenced heavily by fluctuating exchange rates.

A “sustainable” livelihood, in this situation, is a stable income that generates enough cash and/or food to raise the family above the poverty line.

Percent of participants who successfully completed the requirements of the program.

Food security, in this situation, is eating the sufficient number of recommended meals per day.

Measured at the end of the program.

Community participation means engaging in an activity, formal or informal, such as accessing a government service, attending a community or business meeting, or a social event like a wedding, in the last two months.

2030 SUSTAINABLE DEVELOPMENT GOALS, TARGETS, AND

INDICATORS

SDG 1: NO POVERTY

1.1 By 2030, eradicate extreme poverty for all people everywhere, currently measured as people living on less than $1.25 a day.

1.2 By 2030, reduce at least by half the proportion of men, women and children of all ages living in poverty in all its dimensions according to national definitions.

1.4 By 2030, ensure that all men and women, in particular the poor and the vulnerable, have equal rights to economic resources, as well as access to basic services, ownership and control over land and other forms of property, inheritance, natural resources, appropriate new technology and financial services, including microfinance.

1.5 By 2030, build the resilience of the poor and those in vulnerable situations and reduce their exposure and vulnerability to climate-related extreme events and other economic, social and environmental shocks and disasters.

SDG 2: ZERO HUNGER

2.1 By 2030, end hunger and ensure access by all people, in particular the poor and people in vulnerable situations, including infants, to safe, nutritious and sufficient food all year round.

2.3 By 2030, double the agricultural productivity and incomes of small-scale food producers, in particular women, indigenous peoples, family farmers, pastoralists and fishers, including through secure and equal access to land, other productive resources and inputs, knowledge, financial services, markets and opportunities for value addition and non-farm employment.

2.4 By 2030, ensure sustainable food production systems and implement resilient agricultural practices that increase productivity and production, that help maintain ecosystems, that strengthen capacity for adaptation to climate change, extreme weather, drought, flooding and other disasters and that progressively improve land and soil quality.

SDG 3: GOOD HEALTH AND WELLBEING

3.1 By 2030, reduce the global maternal mortality ratio to less than 70 per 100,000 live births.

3.2 By 2030, end preventable deaths of newborns and children under 5 years of age, with all countries aiming to reduce neonatal mortality to at least as low as 12 per 1,000 live births and under-5 mortality to at least as low as 25 per 1,000 live births.

3.3 By 2030, end the epidemics of AIDS, tuberculosis, malaria and neglected tropical diseases and combat hepatitis, water-borne diseases and other communicable diseases.

3.4 By 2030, reduce by one third premature mortality from non-communicable diseases through prevention and treatment and promote mental health and wellbeing.

3.7 By 2030, ensure universal access to sexual and reproductive health-care services, including for family planning, information and education, and the integration of reproductive health into national strategies and programs.

3.8 Achieve universal health coverage, including financial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all.

3.c Substantially increase health financing and the recruitment, development, training and retention of the health workforce in developing countries, especially in least developed countries and small island developing States.

SDG 4: QUALITY EDUCATION

4.1 By 2030, ensure that all girls and boys complete free, equitable and quality primary and secondary education leading to relevant and effective learning outcomes.

4.5 By 2030, eliminate gender disparities in education and ensure equal access to all levels of education and vocational training for the vulnerable, including persons with disabilities, indigenous peoples and children in vulnerable situations.

4.6 By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy.

4.a Build and upgrade education facilities that are child, disability and gender sensitive and provide safe, non-violent, inclusive and effective learning environments for all.

4.c By 2030, substantially increase the supply of qualified teachers, including through international cooperation for teacher training in developing countries, especially least developed countries and small island developing States.

SDG 5: GENDER EQUALITY

5.1 End all forms of discrimination against all women and girls everywhere.

5.2 Eliminate all forms of violence against all women and girls in the public and private spheres, including trafficking and sexual and other types of exploitation.

5.6 Ensure universal access to sexual and reproductive health and reproductive rights as agreed in accordance with the Program of Action of the International Conference on Population and Development and the Beijing Platform for Action and the outcome documents of their review conferences.

5.b Enhance the use of enabling technology, in particular information and communications technology, to promote the empowerment of women.

SDG 8: DECENT WORK AND ECONOMIC GROWTH

8.2 Achieve higher levels of economic productivity through diversification, technological upgrading and innovation, including through a focus on high-value added and labor-intensive sectors.

8.4 Improve progressively, through 2030, global resource efficiency in consumption and production and endeavour to decouple economic growth from environmental degradation, in accordance with the 10-Year Framework of Programs on Sustainable Consumption and Production, with developed countries taking the lead.

8.6 By 2020, substantially reduce the proportion of youth not in employment, education or training.

8.10 Strengthen the capacity of domestic financial institutions to encourage and expand access to banking, insurance and financial services for all.

SDG 10: REDUCE INEQUALITIES

10.1 By 2030, progressively achieve and sustain income growth of the bottom 40 per cent of the population at a rate higher than the national average.

10.2 By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status.

10.b Encourage official development assistance and financial flows, including foreign direct investment, to States where the need is greatest, in particular least developed countries, African countries, small island developing States and landlocked developing countries, in accordance with their national plans and programs.

SDG 12: RESPONSIBLE CONSUMPTION AND PRODUCTION

12.2 By 2030, achieve the sustainable management and efficient use of natural resources.

12.4 By 2020, achieve the environmentally sound management of chemicals and all wastes throughout their life cycle, in accordance with agreed international frameworks, and significantly reduce their release to air, water and soil in order to minimize their adverse impacts on human health and the environment.

SDG 13: TAKE URGENT ACTION TO COMBAT CLIMATE CHANGE AND ITS IMPACTS

13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries.

13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning.

SDG 17: PARTNERSHIPS FOR THE GOALS

17.2 Developed countries to implement fully their official development assistance commitments, including the commitment by many developed countries to achieve the target of 0.7 per cent of ODA/GNI to developing countries and 0.15 to 0.20 per cent of ODA/GNI to least developed countries; ODA providers are encouraged to consider setting a target to provide at least 0.20 per cent of ODA/GNI to least developed countries.

17.3 Mobilize additional financial resources for developing countries from multiple sources.

17.8 Fully operationalize the technology bank and science, technology and innovation capacity-building mechanism for least developed countries by 2017 and enhance the use of enabling technology, in particular information and communications technology.

17.17 Encourage and promote effective public, public-private and civil society partnerships, building on the experience and resourcing strategies of partnerships.

PARTNERS (by program, by country)

EDUCATION FINANCE

Africa DRC

Advans, Baobab, Coocac Kivu, COOPEC CAHI, EquityBCDC, FINCA, Hekima IMF, Paidek SA, ProcFin, SMICO, Tunjenge Pamoja

Ethiopia Aggar, Awash, Dashen, Harbu, Hibret, Metemamen

Ghana Adehyeman, Akuapem Rural, Amenfiman, FHI360, Ghana National Council of Private Schools, Ghana National Association of Private Schools, Maroon Capital, Opportunity International S&L, Results for Development, Sinapi Aba S&L, University for Development Studies

Kenya EdPartners, Faulu, Fortune Credit, Jackfruit Finance, Juhudi, NBK, Yehu Microfinance

Madagascar AccessBanque

Malawi Centenary Bank, FINCA Malawi

Mozambique Microbanco Confiança

Nigeria Accion, AMJU Unique, Baobab, Bowen MFB, EdFin MFB, FCMB Limited, FCMB MFB, FINCA, Gowans MFB, Grace and Mercy, Hasal, Infinity MFB, Lapo, Letshego, Mainstreet MFB, NPF MFB, SEAP, Standard Life, Standard MFB, Sterling Bank, Wetland

Rwanda CPF INEZA, I&M Bank, RIM

Uganda Encot, Opportunity Bank, Stanbic, Ugafode, VisionFund Uganda

Zambia EFC, FINCA, Madison Finance, VisionFund Zambia, Asia Cambodia Chamreoun Microfinance

India Cashpor*, GyanDhan, Neev Finance, Pahal*, Satya, Varthana Finance

Indonesia Baytul Ikhtiar, KOMIDA, Koperasi Sejahtera, KSPPS Bina Ihsanul Fikri, KSPPS BMT ItQan, PT Bank Daerah Giyanar, PT Nusantra Bina Artha

Pakistan Agahe, Kashf, Mobilink, SAFCO, Taleen

Philippines Credit Access

Latin America Colombia Crezcamos, Fundacion Alcaravan

Dominican Republic ADOPEM, COOP CDD, COOP ECLOF

Ecuador CACMU, COOPERCO

El Salvador ASEI, FADEMYPE

Guatemala ADICLA, ADISA, Coop La Encarnacion, Coopsama, Cosami, Genesis

Peru ADRA

AGRICULTURE FINANCE

Africa DRC EquityBCDC, VisionFund DRC

Ghana Fidelity, Maroon Capital, Opportunity International S&L, Sinapi Aba S&L

Kenya Juhudi

Malawi

CUMO, FINCA Malawi, First Capital Bank, Microloan Foundation, Standard Bank Malawi

Mozambique MyBucks Bank

Nigeria Grace and Mercy, Standard MFB

Rwanda Clecam Ejo Heza, Equity Rwanda, Inkunga Finance, Urwego Bank

Uganda Opportunity Bank, Stanbic

MICROENTERPRISE

Africa DRC VisionFund DRC

Ghana Opportunity International S&L, Sinapi Aba S&L

Rwanda Urwego Bank

Uganda Opportunity Bank

Asia India CDOT, Dia Vikas1 (5 partners: Avanti*, Cashpor*, ESAF*, NESFB*, Pahal*)

Indonesia BAV, TLM, YCAB

Philippines TSPI, TSKI

Latin America Colombia Crezcamos

Honduras IDH

Nicaragua ASODENIC

Eastern Europe Serbia

GRADUATION

Latin America Colombia

3Bank (Opportunity Bank Serbia)

Fundación Opportunity International Colombia (FOIC)

Haiti Fonkoze, Sofihdes

Africa Malawi Opportunity Malawi

HEALTH

Asia Bangladesh BURO Bangladesh, Shakti Foundation

India CDOT*, ESAF*, Uplift Mutuals

Indonesia KOMIDA

Nepal

INNOVATIONS

Africa Ghana

Malawi

Nirdhan, Jeevan Bikas Samaj

Sinapi Aba S&L

Opportunity Malawi, VisionFund Malawi

Uganda Opportunity International Uganda

Asia India

CDOT, Dia Vikas1 (5 partners: Avanti*, Cashpor*, ESAF*, NESFB*, Pahal*)

Indonesia PT Nusantra Bina Artha

Latin America Colombia

AGAPE, Fundación Opportunity International Colombia (FOIC)

Nicaragua Opportunity International Nicaragua

Paraguay Fundación Paraguaya

1 Dia Vikas Capital (Dia Vikas) is a subsidiary and part of the Opportunity International Network. Dia Vikas was established in early 2008, as a social impact investor in India, to fill the gap of social investment and thereby support the growth of Microfinance and encourage the development of start-up operations in underserved areas expanding outreach to vulnerable and excluded communities. In recognition of changing client needs, technological, regulatory, and market shifts, Dia Vikas Capital has diversified its investments to address other inclusive finance domains such as affordable housing, livelihood creation, and education, thus addressing all elements of multi-dimensional poverty.

*Dia Vikas active partner

Cover Story

When she started Opportunity International’s rural Graduation program in Malawi, Chrissy felt defeated, unable to sufficiently feed and clothe her children. Midway through the two-year program which provides training, access to financial resources, and individual support, the energy and joy emanating from Chrissy wipe away those dark memories. She has three goats, chickens, and her own hut. She proudly takes out two woolen blankets; until recently she had to share a single blanket with her children. She has many plans; she is most happy right now that she finally can give her children enough to eat and provide clean clothes.