The Microfinance Business Law was passed in 2011, allowing local MFIs to set up and compete with international MFIs already operating in the country under international NGO flags. To help the local MFIs service the high-interest rates required to access international financing, LIFT provides funds to subsidise the interest rate levels of these local currency loans, bringing them down to the level of the stipulated interest rate. Published 24 July 2019. SUMMARY . As of December 2015 there were over 256 MFIs operating in Myanmar, all competing to crack the estimated 33 million unbanked residing here. In a country where 70% of the population work in rural communities, and around a quarter of all citizens live below the poverty line, microfinance is one of the few available sources for personal and business funding. >> The first is aimed at donor countries, which in the short- to medium-term will play a key role for the development of microfinance. Pact Global Microfinance Fund is Myanmar’s largest microfinance institution. 10 Things to know about Microfinance in Myanmar. Travel restrictions, government orders to defer repayments and lend at lower interest rates have reduced the ability of microfinance institutions (MFIs) in Myanmar to operate at a time when there is a pressing need for capital from the rural population due to COVID-19. • Personnel files are setup for alll staff member and properly organized with regular and timely updates. Myanmar’s microfinance providers require access to larger pools of international funds in order to expand and meet the needs of the local population. Microfinance Success Asia 2019. Home » Economy » Microfinance » Microfinance in Myanmar Sector Assessment; Microfinance in Myanmar Sector Assessment . The Burmese government views fintech as crucial in tackling the last-mile problem and has also embarked on a plan to liberalise the sector for greater foreign participation. Meanwhile, the government had ordered MFIs to allow delayed repayments, making the collection of repayments on time almost impossible. The goal of the loan is to support small-scale farmers impacted by the COVID-19 pandemic,Continue reading → Alison Grun, regional director for Asia Pacific of Software Group, said microfinance is thriving in Myanmar, offering a means of leverage to MSMEs to grow their potential and push the country's economy forward at the same time. Development has been hindered across the country due to isolation, civil wars, ethnic conflict, military dictatorship, and natural disaster. At end-2019, the association had 115 member microfinance institutions (out of a total of 189) serving more than 4.8 million customers across the country. Joining at DO Microfinance you will be getting a chance to help for a brighter future for our people in Myanmar with a variety of products. The Myanmar Times has reported AGD Bank is providing a USD 6mn, 3-year loan facility to Hayman Capital’s microfinance subsidiary in Myanmar. One reason is because most MFIs do so via local agents. December 2019. Fintech firms partner to support MFIs. Alliance for MicroFinance In Myanmar Let's Build a Better Future Together Alliance responsibly offers a wide range of client-oriented financial services and financial education to unbanked entrepreneurs, particularly women entrepreneurs, to strengthen their businesses and family welfare. Yangon, Myanmar – December 18th, 2019 – Yoma Bank signed a MMK 3.485 billion funding agreement with Early Dawn Microfinance Company Limited (DAWN) to open up more credit access to small businesses across urban, peri-urban and rural areas in Myanmar. Pact Global Microfinance Fund is Myanmar’s largest microfinance institution. Key View The money transfer and microfinance sectors will see the most attention from fintech companies. Learn more about our service. Share to Twitter Share to Facebook. We’re successful when communities can say, “We did it ourselves.” “The microfinance sector can ill afford further operational restrictions and our continued operation is critical in ensuring we can support the economy and our clients to navigate their way through the crisis,” U Soe Htike Lwin said. At this precipice between old and new, what are the most effective levers to foster responsible and equitable growth? Alliance for Microfinance in Myanmar provides loans and savings products to micro business owners in the Mandalay region. In detail information about the conference can be seen in the website link. 2015. It was our pleasure to welcome over 220 delegates. Once again, Cordaid Investments has acted as a pioneer in supporting growth in rural Myanmar. MMFA’s efforts are ongoing, and it hopes to reach 80% of Myanmar’s member MFIs by 2020. Monday, November 18, 2019 ... Microfinance sector in Myanmar is rapidly expanding as more loans are becoming available for SMEs and micro-entrepreneurs. Myanmar, also known as Burma, is a small country located in Southeast Asia. Myanmar Financial Services Monitor / News / Microfinance Microfinance. Updated: July 24, 2019 In response to growing investors’ interest in Myanmar’s finance sector amid on-going market liberalisation, key players in the microfinance industry gathered on Tuesday at an event in Yangon, the nation’s hub of commerce. From April 2016 to October 2019, outstanding loans from microfinance providers grew almost seven-fold, from K271 billion to K1.869 trillion, according to figures from the Financial Regulatory Department. m), One Of The Most Exciting Untapped Energy Troves Is Auctioning 18 Blocks Of Oil, European quality snack manufacturer is looking for a Myanmar importer and distributor, Looking for Myanmar experts in the markets of beer and liquor to participate in a consulting project. Myanmar to use Japanese loan for four projects, Myanmar Investment Opportunity: New Special Economic Zone (SEZ), Urgently needed building (office hall type/warehouse/single house) or land for office (1,000 sq.m.+lab 1,000 sq. ADA participated in the first Myanmar Microfinance Forum, held on 5 November 2019 at Park Royal Hotel in Nay Pyi Taw. Scale-Up Your Impact | How MFIs Can Navigate & Thrive in the Age of Fintech Revolution. Since June 2019, microfinance lenders have been allowed to charge annual interest of up to 28 percent. With the uncertainty over the next months, MFIs have urged the authorities to speed up approvals on MFI investment and borrowing applications and changes. We are invested in Alliance for Microfinance in Myanmar Limited through Insitor Impact Asia Fund Private Limited, which is managed by Swiss-Asia Financial Services Pte. 24th Jul, 2019 . Microfinance sector in Myanmar is booming! admin - July 9, 2014. Financial Regulatory Department (FRD) Frequency. As such, regula-tion was among the primary concerns of the government when microfinance was allowed to operate in the country. Learn more about Pact Global Microfinance Fund in Myanmar here. It is believed informal money lenders charging extortionate interest rates will become obsolete as the poor, when given the … Several fintech start-ups are present in this … Licensed MFIs (Q2 2018 - Q2 2019) Largest MFIs by branch network (as of November 2020) Selected MFIs by operating software. The Netherlands Development Finance Company, which also is known by its Dutch acronym FMO, recently disbursed a loan of USD 6 million to Myanmar-based microfinance institution (MFI) Maha Agriculture Public Company Limited to be on-lent as microloans in rural Myanmar. Periodically. • Maintain and Update a database to cover national staff leave as national staff rules and regulation. To date, the Secretariat consists of three full-time staff responsible for implementing actions for members and the sector in general. Home; Browse; Search; You are here. The functions of the Supervisory Committee are as follows: (a) implementing the policy and directives relating to the microfinance business laid down by the Rural Development and Poverty Reduction Working Committee; (b) providing … For more information on the opportunities, please contact [email protected] At end-2019, the association had 115 member microfinance institutions (out of a total of 189) serving more than 4.8 million customers across the country. That's not all. Some of the biggest challenges MFIs struggle to overcome today are high operating costs, scalability and low earnings. Park Royal Yangon, Myanmar. “The lower the interest rate, the more the cost of our subsidy, which means the less money we can bring in,” said Curtis Slover, LIFT’s head of financial inclusion and private sector programme. The microfinance sector is a key pillar in furthering financial inclusion in Myanmar and the sector has experienced rapid growth, growing 260% over the five years to 2019 according to a July 2019 UN Capital Development statement. Statistics from the CBM revealed that deposit taking microfinance institutions (MFIs) had as much as MMK981.65bn (USD646.2mn) worth of outstanding loans as of Q318, while non-deposit taking MFIs had MMK122.13bn (USD80.2mn). LIFT has signed off around $18 million since COVID-19, and is now negotiating for another $23 million. According to the Hayman Capital website, Hayman Microfinance operates 19 branches in 4 regions of Myanmar and has more than 100,000 active borrowers, 78% of whom are female and 73% of whom live in rural areas. Description: "...The financial sector in Myanmar is small and underdeveloped. This report makes two sets of recommendations. It is necessary to ensure that ordinary people utilizing finan-cial service providers are protected. Easy Microfinance portfolio nears Ks40bn 2019-07-23. In its first initiative related to The microfinance sector in Myanmar is still dominated by the oldest and largest MFI, PACT Global, which serves approximately 50% of all MFI clients and also has approximately 50% of all MFI assets. Since Myanmar enacted the Microfinance Law in 2011, lending by MFIs has become the biggest source of financing for the rural economy. BRAC Myanmar Microfinance Company Limited : Full Member : Cam Capital Microfinance Co.,ltd : Full Member : 2014-0207 : CARD Myanmar Company Limited : Full Member : Non-Deposit Taking : 2018-0287 : CBC Myanmar Microfinance : Full Member : 2012-0016 : … Despite PAT Globals domination of the market, other MFIs are growing rapidly, and so far, in a healthy manner. Currently only 17% of the households have access to a bank account. Ongo builds micro lender customer base. Updated: July 24, 2019 In response to growing investors’ interest in Myanmar’s finance sector amid on-going market liberalisation, key players in the microfinance industry gathered on Tuesday at an event in Yangon, the nation’s hub of commerce. The Myanmar Microfinance Business Law, which was enacted in November 2011, governs activity in the sector. Overview. The Myanmar Microfinance Association (MMFA) is the national association gathering microfinance practitioners (registered microfinance institutions including NGOs, INGOs, foreign and local private companies as well as joint ventures) and other relevant stakeholders working to improve access to appropriate and affordable financial services for the poor and unbanked people in Myanmar. Microfinance institutions in Myanmar face COVID-19 cash flow crisis, Farmers are experiencing significant difficulties in both making repayments and securing capital from microfinance institutions to invest in this growing season. 7. We aim to be one of the best in serving our customers and making positive impact to their lives. Microfinance firms in Myanmar struggle to stay afloat in second wave Zeyar Hein 08 Sep 2020 Daw Phyu Yamin Myat (second from left), head of the Myanmar Microfinance Association, speaks during an event in Yangon in July 2019. T here is an increasing interest in business in Myanmar as the coun-try opens up its economy to the rest of the world. Organisation for Economic Cooperation and Development (OECD). Get a pdf brochure | Registration Form. According to Article 348, all citizens of the Republic of the Union of Myanmar shall not be discriminated against based on race, birth, religion, official position, status, culture, sex and wealth [8]. The event, Microfinance Success Asia 2019 in Park Royal Hotel, Yangon on 23-24 July 2019 has organized by HBZ EVENTS. Evaluation: FMO improved microfinance sector in Myanmar Right after the 2015 elections, FMO started to invest in Myanmar’s financial sector. Microfinance lenders in Sierra Leone accused of 'payday loan' interest rates. Cordaid Investments has delivered on its promise of investing to overcome fragility. In response to growing investors’ interest in Myanmar’s finance sector amid on-going market liberalisation, key players in the microfinance industry gathered on Tuesday at an event in Yangon, the nation's hub of commerce. Ltd. Subscription options . Myanmar Financial services Alliance for Microfinance in Myanmar provides loans and savings products to micro business owners in the Mandalay region. the Myanmar Microfinance Supervisory Enterprise as the secretary and persons from suitable Government departments and organizations as members. Pact envisions a Myanmar where vibrant and diverse communities exercise their voice and build lasting solutions for a better life. Microfinance is a regulated in-dustry in Myanmar Myanmar is no stranger to financial crises resulting from bank failures. July 31, 2019 by Thiha With a quarter of the Myanmar population living under the poverty line and as much as 87 percent hailing from rural areas, according to the World Bank, the microfinance sector has good potential to grow in Myanmar. Due Diligence: An Impertinent … / Kyaw Myo. The Central Bank of Myanmar's (CBM) move to slash unsecured lending rate from 16 to 14.5 pc, or by 1.5pc last month, have had an unintended consequence of constraining capital flow to the MFIs. In Myanmar the microfinance sector has developed rapidly since the government enacted a Microfinance Law in November 2011, but MFIs still play a very minor role in the provision of financial services in the country. Because a substantial amount of funds would have to be reallocated to make up for the 1.5pc difference in interest payment, the available funds that could be channelled to those in need from LIFT shrink. KHINE KYAW . At the same time, there has been a “liquidity crunch” internationally with banks and lenders affected, reducing cash available to where it is needed, she added. Nelito gains Myanmar microfinance win India-based low-end core banking system provider, Nelito Systems, has won a deal from Alliance for Microfinance in Myanmar, reports Martin Whybrow. The passing of the Microfinance Law in 2011 led to a rapid influx of Microfinance Institutions (MFIs) in Myanmar. The microfinance sector in Myanmar has experienced signifi-cant growth in the last few years. So, we are looking for a people who can make a difference and who can share our aim to success. Evaluation: FMO improved microfinance sector in Myanmar Right after the 2015 elections, FMO started to invest in Myanmar’s financial sector. Daw Phyu Yamin Myat, the general secretary of the 107-member Myanmar Microfinance Association, reportedly stated that a minimum of three months should have been allowed for MFIs to prepare for the change. Hayman deposits surge post-voluntary license. The financing will support Early Dawn’s expansion in Myanmar’s underserved townships and peri-urban areas. The government’s COVID-19 Economic Relief Plan, announced in late April, seeks to “ensure MFIs have full access to low-cost funding” but practical plans have yet to be implemented. Hayman Capital Co., Ltd, a 100%-owned subsidiary of a Singapore-based international investment and financial group company – Hayman Capital Pte Ltd has been awarded “Fastest Growing Microfinance Company Myanmar 2020” by Global Banking & Finance Review® on 17th April 2020. U Soe Htike Lwin, head of business operations at Proximity Finance, the microfinance arm of Yangon-based Proximity Designs, suggests that the government relax key ratio requirements, such as the debt-to-equity ratio, and temporarily eliminate required approvals on changes to conditions of loans for existing borrowings to ease the pressure on local MFIs. A handful of microfinance actors already exist in Myanmar and could pave the way to a NGO-MFIs structured model benefiting from the support of donors and government. Allliance Microfinance In Myanmar May 2019 - Present 1 year 8 months. 2019-07-30. Managing Sustainability & Impact in a Rapidly Evolving Microfinance Sector. 2 ND ANNUAL ASIA PACIFIC MICROFINANCE FORUM 22-23 OCTOBER 2019 SINGAPORE. Selected MFIs by active borrowers. full text documents on Burma/Myanmar. New Regulations. Finnfund, which invests in responsible and profitable businesses in developing countries, has injected US$5.5 million in Early Dawn Microfinance Co Ltd, the third largest microfinance company in Myanmar in terms of client outreach. 2019. Compared to the same period in 2019, the multi-donor Livelihood and Food Security Fund (LIFT) has seen a US$115 million shortfall in liquidity among MFIs it worked with last month, and this is expected to rise by another $60 million during the first half of May as COVID-19 restrictions persist. The priority is to provide financial access to rural communities. It is dominated by four state- owned banks and 19 … 2019-07-23. “We know this only touches a small part of the rural community, so we encourage other MFIs to join in supporting more farming households,” said U Soe Htike Lwin. In Myanmar, women and men are equal under the 2008 Constitution. The CEO cites the “emerging digital landscape” in the country as one reason for the selection. Myanmar’s microfinance institutions (MFIs) are thus a … Proximity Finance plans to support approximately 45,000 farmers with K19.8 billion ($14 million) in loans in May. Learn more about Pact Global Microfinance Fund in Myanmar here. the Myanmar Microfinance Supervisory Enterprise as the secretary and persons from suitable Government departments and organizations as members. The MFIs sector in Myanmar is made up of a different types of institutions including INGOs, NGOs, local companies, foreign companies and partnership firms. There are almost 200 licenced MFIs, serving an estimated 5.5 million clients in Myanmar. The Ministry of Planning and Finance of Myanmar reportedly decreed recently that microfinance institutions (MFIs) must start charging less for loans immediately. Uptake of microfinance loans helped to drive a 60pc increase in the proportion of adults using formal financial services between 2013 and 2018, a FinScope survey found. MFIs working with LIFT disbursed around $1.2 billion in loans to more than 2.8 million low-income households last year, but some have seen reductions of more than 60 percent in planned disbursements this year as a result of COVID-19. Home; About the event. Jul 23. Related reports: Email This BlogThis! The Myanmar Microfinance Association (MMFA) obtained its permanent license as a non-profit association from the Ministry of Home Affairs in 2017. 2019-12-05. The functions of the Supervisory Committee are as follows: (a) implementing the policy and directives relating to the microfinance business laid down by the Rural Development and Poverty Reduction Working Committee; (b) … To hedge against the volatility of the kyat, LIFT has partnered with Currency Exchange Fund (TCX) to provide a hedging service enabling foreign investors to lend in the local currency to Myanmar’s microfinance sector. Microfinance services were started by international NGOs (e.g. Deposits, loans and … Breadcrumb . He noted it is imperative for MFIs to have close oversight of cash flows to maintain solvency for now. Microfinance is relatively new in Myanmar. All rights reserved. Download our Myanmar Financial Services Report. This week, we disbursed a loan to Maha Agriculture Microfinance in Myanmar, a country with a high need for social impact and economic growth, especially in rural areas. Photo: Aung Htay Hlaing/The Myanmar Times Room #008 (Ground Floor), Building C1, Sa-bai Street, Sinmalite Yuzana Highway Complex, Kamayut Township, Yangon, Myanmar. This presents a great opportunity for local and foreign investors in Myanmar. Thank you all for supporting us! The overall level of financial inclusion remains very low, with only 30% of adults using regulated financial services. 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