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. 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. 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. 2 ND ANNUAL ASIA PACIFIC MICROFINANCE FORUM 22-23 OCTOBER 2019 SINGAPORE. Microfinance is a regulated in-dustry in Myanmar Myanmar is no stranger to financial crises resulting from bank failures. 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. 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. Breadcrumb . • Maintain and Update a database to cover national staff leave as national staff rules and regulation. “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. Scale-Up Your Impact | How MFIs Can Navigate & Thrive in the Age of Fintech Revolution. Microfinance sector in Myanmar is rapidly expanding as more loans are becoming available for SMEs and micro-entrepreneurs. Share to Twitter Share to Facebook. The country’s first investment forum Myanmar kicked off its first-ever international investment summit in late January in Naypyitaw. Related Content. 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 … And it is widely believed today that the provision … 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. The pressure to repay debt can be stressful. Learn more about Pact Global Microfinance Fund in Myanmar here. 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. Learn more about Pact Global Microfinance Fund in Myanmar here. 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. 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. Subscription options . Periodically. 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. So, we are looking for a people who can make a difference and who can share our aim to success. 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. However, providers can be more efficient in their funding if there is better financial data on borrowers. Myanmar, also known as Burma, is a small country located in Southeast Asia. Myanmar Financial Services Monitor / News / Microfinance Microfinance. This report makes two sets of recommendations. Overview. Learn more about our service. To date, the Secretariat consists of three full-time staff responsible for implementing actions for members and the sector in general. 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. 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. 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 Myanmar Times has reported AGD Bank is providing a USD 6mn, 3-year loan facility to Hayman Capital’s microfinance subsidiary in Myanmar. Selected MFIs by active borrowers. Myanmar Financial services Alliance for Microfinance in Myanmar provides loans and savings products to micro business owners in the Mandalay region. Since the enactment of Microfinance Business Law in 2011, the sector has grown rapidly and now serves over 3 million customers. 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. the Myanmar Microfinance Supervisory Enterprise as the secretary and persons from suitable Government departments and organizations as members. It is dominated by four state- owned banks and 19 … 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. The MFI industry, in general, has a high repayment rate of over 99pc, said Rachel Yu, development director of VisionFund Myanmar. But restrictions meted out to prevent the spread of COVID-19 have made it difficult for MFIs to disburse loans and collect payments. 24th Jul, 2019 . 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. Pact Global Microfinance Fund, World Vision), most of them were supported by UNDP in the mid-1990s. SUMMARY . 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. Room #008 (Ground Floor), Building C1, Sa-bai Street, Sinmalite Yuzana Highway Complex, Kamayut Township, Yangon, Myanmar. By. 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