“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. “Those two factors - the interest rate as well as the exchange rate volatility - have really cut the amount that we can leverage against LIFT money,” Mr Slover added. Licensed MFIs (Q2 2018 - Q2 2019) Largest MFIs by branch network (as of November 2020) Selected MFIs by operating software. Roodman, D. 2012. Notably, this is taking place at a time when Myanmar’s most important industry, agriculture, is in need of financing to support farmers who are struggling from a drop in crop sales. The farmers are now experiencing difficulties in securing capital to invest in this growing season. We’re successful when communities can say, “We did it ourselves.” Stories and Highlights . The Ministry of Planning and Finance of Myanmar reportedly decreed recently that microfinance institutions (MFIs) must start charging less for loans immediately. 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. Organisation for Economic Cooperation and Development (OECD). We aim to be one of the best in serving our customers and making positive impact to their lives. Yangon: GIZ-Myanmar and Thura Swiss. Ltd. Download our Myanmar Financial Services Report. However, providers can be more efficient in their funding if there is better financial data on borrowers. To date, the Secretariat consists of three full-time staff responsible for implementing actions for members and the sector in general. 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. Share to Twitter Share to Facebook. 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. 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. In this event, MMFA is one of the Strategic Partner. >> 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 envisions a Myanmar where vibrant and diverse communities exercise their voice and build lasting solutions for a better life. As of December 2019, 189 MFIs had Ks4.8trn disbursed loans and collected Ks350bn deposits, according to Financial Regulatory Department. The inability to collect repayments from some borrowers has led to road bumps in liquidity and cash flows for MFIs, and this, in turn, has limited the lenders' capacity to extend financing to others. With the uncertainty over the next months, MFIs have urged the authorities to speed up approvals on MFI investment and borrowing applications and changes. 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. But restrictions meted out to prevent the spread of COVID-19 have made it difficult for MFIs to disburse loans and collect payments. Allliance Microfinance In Myanmar May 2019 - Present 1 year 8 months. 7. 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. 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. As such, regula-tion was among the primary concerns of the government when microfinance was allowed to operate in the country. With interest rates in Myanmar now lowered though, that access is now at risk. Selected MFIs by active borrowers. KHINE KYAW . According to the invitation from Pyithu Hluttaw Banks and Monetary Affairs Development Committee through Financial Regulatory Department (FRD), MMFA 'EC attends the meeting on Microfinance Law in Naypyitaw on Sep 12, 2019. Financial Regulatory Department (FRD) Frequency. Myanmar’s microfinance providers require access to larger pools of international funds in order to expand and meet the needs of the local population. Overview. Microfinance in Myanmar; Microfinance Success Asia; Conference Committee; Agenda & Speakers. Microfinance services were started by international NGOs (e.g. The two-day event showcased 120 projects worth US$3 billion (4.5 trillion kyats) in 10 states and regions and aimed to attract major investment from East … The MFI industry, in general, has a high repayment rate of over 99pc, said Rachel Yu, development director of VisionFund Myanmar. Home; Browse; Search; You are here. The Myanmar Times has reported AGD Bank is providing a USD 6mn, 3-year loan facility to Hayman Capital’s microfinance subsidiary in Myanmar. The Myanmar Microfinance Association (MMFA) obtained its permanent license as a non-profit association from the Ministry of Home Affairs in 2017. He noted it is imperative for MFIs to have close oversight of cash flows to maintain solvency for now. 10 Things to know about Microfinance in Myanmar. 2 ND ANNUAL ASIA PACIFIC MICROFINANCE FORUM 22-23 OCTOBER 2019 SINGAPORE. 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. Development has been hindered across the country due to isolation, civil wars, ethnic conflict, military dictatorship, and natural disaster. The Ministry of Planning and Finance of Myanmar reportedly decreed recently that microfinance institutions (MFIs) must start charging less for loans immediately. Phyu Yamin Myat, general secretary of Myanmar Microfinance Association, at the Microfinance Success Asia event in Yangon on July 23 (Photo- Khine Kyaw, The Nation) By KHINE KYAW THE NATION YANGON. © Copyright 2021 The Myanmar Times. Meanwhile, the government had ordered MFIs to allow delayed repayments, making the collection of repayments on time almost impossible. 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. It is necessary to ensure that ordinary people utilizing finan-cial service providers are protected. Microfinance sector in Myanmar is rapidly expanding as more loans are becoming available for SMEs and micro-entrepreneurs. Myanmar Financial services Alliance for Microfinance in Myanmar provides loans and savings products to micro business owners in the Mandalay region. 2 Oct 2020 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. Get a pdf brochure | Registration Form. The overall level of financial inclusion remains very low, with only 30% of adults using regulated financial services. Some of the biggest challenges MFIs struggle to overcome today are high operating costs, scalability and low earnings. December 2019. The country’s first investment forum Myanmar kicked off its first-ever international investment summit in late January in Naypyitaw. 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. 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. Jul 23. As of mid-2019, the MFI sector served 3.4 million members across 15 states and regions, representing around 15 million individuals. Managing Sustainability & Impact in a Rapidly Evolving Microfinance Sector. ‘ Paradign Shift of Microfinance in Myanmar ’ in Ki, Om and Thein, San (eds), Collection of Papers on Myanmar’s Financial Sector. Related reports: Email This BlogThis! The Microfinance Acceleration pro gramme has been structured to focus on institutional strengthening. And the Acting CEO & CFO of Hayman Capital Co., Ltd has also been awarded […] Shortly after Accion and its partners invested in Dawn in March 2015, the technical assistance team sought to improve Dawn’s competitiveness and social impact. “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. Learn more about Pact Global Microfinance Fund in Myanmar here. 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). 2015. 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. Published 24 July 2019. 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. 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. 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. Agenda; Speakers; Sponsorship & Exhibition. / Kyaw Myo. The Myanmar Microfinance Business Law, which was enacted in November 2011, governs activity in the sector. Fintech firms partner to support MFIs. Myanmar, also known as Burma, is a small country located in Southeast Asia. Key View The money transfer and microfinance sectors will see the most attention from fintech companies. Title: Microfinance in Myanmar Sector Assessment. 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. 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. MMFA’s efforts are ongoing, and it hopes to reach 80% of Myanmar’s member MFIs by 2020. For more information on the opportunities, please contact evi@myanmar-business.org. THE MICROFINANCE ACCELERATION PROGRAMMES Myanmar, Zimbabwe and Ethiopia Microfinance Institutions have a key role to play in inclusive finance by providing financial services to those that are at the bottom of the economic pyramid. Executive Summary This report summarizes a study undertaken in Myanmar between February and April 2016 to provide the Financial Regulatory Department (FRD) of the Ministry of Finance (MOF) and Myanmar’s microfinance … Under the Myanmar Financial Inclusion Roadmap for 2019 to 2023, authorities are working with the UN Capital Development Fund (UNCDF) to raise the percentage of the population covered by the financial sector to 60 percent from 48pc currently, said Willian Naing, national officer at the UNCDF, during the Microfinance Success Asia event in Yangon on Tuesday. 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 CEO cites the “emerging digital landscape” in the country as one reason for the selection. 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. Breadcrumb . full text documents on Burma/Myanmar. Cordaid Investments has delivered on its promise of investing to overcome fragility. “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. Photo: Aung Htay Hlaing/The Myanmar Times SUMMARY . Currently only 17% of the households have access to a bank account. 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. The event, Microfinance Success Asia 2019 in Park Royal Hotel, Yangon on 23-24 July 2019 has organized by HBZ EVENTS. Myanmar’s microfinance institutions (MFIs) are thus a … 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. Myanmar, also known as Burma, is a small country located in Southeast Asia. The passing of the Microfinance Law in 2011 led to a rapid influx of Microfinance Institutions (MFIs) in Myanmar. the Myanmar Microfinance Supervisory Enterprise as the secretary and persons from suitable Government departments and organizations as members. The goal of the loan is to support small-scale farmers impacted by the COVID-19 pandemic,Continue reading → admin - July 9, 2014. The pressure to repay debt can be stressful. 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. • Maintain and Update a database to cover national staff leave as national staff rules and regulation. Photo: Zarni Phyo/The Myanmar Times. 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. Since the enactment of Microfinance Business Law in 2011, the sector has grown rapidly and now serves over 3 million customers. The financing will support Early Dawn’s expansion in Myanmar’s underserved townships and peri-urban areas. It was our pleasure to welcome over 220 delegates. Pact Global Microfinance Fund is Myanmar’s largest microfinance institution. Evaluation: FMO improved microfinance sector in Myanmar Right after the 2015 elections, FMO started to invest in Myanmar’s financial sector. By. 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. As of December 2015 there were over 256 MFIs operating in Myanmar, all competing to crack the estimated 33 million unbanked residing here. In the meeting, MMFA discusses the collective comments and suggestion from its member MFIs to consider in updated Microfinance law (draft). The microfinance sector in Myanmar has experienced rapid growth since 2012/13 when a modern regulatory system was created, new MFIs were launched, and donor support to the sector expanded. Despite PAT Globals domination of the market, other MFIs are growing rapidly, and so far, in a healthy manner. July 12, 2019 Yangon, Myanmar, 11 July 2019 – Musoni is proud to sponsor the first Microfinance Success Asia event in Myanmar. Ongo builds micro lender customer base. Due Diligence: An Impertinent … Pact Global Microfinance Fund, World Vision), most of them were supported by UNDP in the mid-1990s. Deposits, loans and … 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 … So, we are looking for a people who can make a difference and who can share our aim to success. 2019-07-23. The MFIs sector in Myanmar is made up of a different types of institutions including INGOs, NGOs, local companies, foreign companies and partnership firms. Whole of Myanmar to be powered by national grid in 2030, Myanmar Tourism Bank extends loans to tourism sector, Low supply and high demand for rice leads to price hike, Magwe police low on budget for COVID-19 tests, Mandalay plans to close another five COVID-19 hospitals. Myanmar Microfinance Regulatory Benchmarking Survey MYA-02: Support for the Commercial Microfinance Industry in Myanmar Under the Mekong Business Initiative September 2016 I. Room #008 (Ground Floor), Building C1, Sa-bai Street, Sinmalite Yuzana Highway Complex, Kamayut Township, Yangon, Myanmar. It is dominated by four state- owned banks and 19 … Microfinance lenders in Sierra Leone accused of 'payday loan' interest rates. Myanmar Financial Services Monitor / News / Microfinance Microfinance. In its first initiative related to Evaluation: FMO improved microfinance sector in Myanmar Right after the 2015 elections, FMO started to invest in Myanmar’s financial sector. Home » Economy » Microfinance » Microfinance in Myanmar Sector Assessment; Microfinance in Myanmar Sector Assessment . Pact Global Microfinance Fund is Myanmar’s largest microfinance institution. • Personnel files are setup for alll staff member and properly organized with regular and timely updates. Subscription options . ADA participated in the first Myanmar Microfinance Forum, held on 5 November 2019 at Park Royal Hotel in Nay Pyi Taw. 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]. 2019-07-30. An evaluation was conducted to assess the impact of FMO’s early engagement for the banking sector, local economy and financial inclusion. Description: "...The financial sector in Myanmar is small and underdeveloped. Magway • Maintain a clear filling system containing all relevant HR Documentation. It is believed informal money lenders charging extortionate interest rates will become obsolete as the poor, when given the … This presents a great opportunity for local and foreign investors in Myanmar. 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. Park Royal Yangon, Myanmar. At this precipice between old and new, what are the most effective levers to foster responsible and equitable growth? 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. 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. The priority is to provide financial access to rural communities. In Myanmar, women and men are equal under the 2008 Constitution. Proximity Finance plans to support approximately 45,000 farmers with K19.8 billion ($14 million) in loans in May. One reason is because most MFIs do so via local agents. LIFT has signed off around $18 million since COVID-19, and is now negotiating for another $23 million. Ltd. Monday, November 18, 2019 ... Microfinance sector in Myanmar is rapidly expanding as more loans are becoming available for SMEs and micro-entrepreneurs. Since June 2019, microfinance lenders have been allowed to charge annual interest of up to 28 percent. Learn more about Pact Global Microfinance Fund in Myanmar here. 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. And it is widely believed today that the provision … Easy Microfinance portfolio nears Ks40bn 2019-07-23. 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 : … Related Content. 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. 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. Since Myanmar enacted the Microfinance Law in 2011, lending by MFIs has become the biggest source of financing for the rural economy. Park Royal 24thJuly, ParYangon, Myanmar – Microfinance Success Asia 2019, is the leading event for senior microfinance professionals that gathers over 150 decision makers in emerging Asia consists extensive partnerships with the industry’s leading media and relevant associations. 2019. 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. 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. Once again, Cordaid Investments has acted as a pioneer in supporting growth in rural Myanmar. 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 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. Scale-Up Your Impact | How MFIs Can Navigate & Thrive in the Age of Fintech Revolution. Periodically. T here is an increasing interest in business in Myanmar as the coun-try opens up its economy to the rest of the world. Pact Global Microfinance Fund is Myanmar ’ s expansion in Myanmar now though! 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