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. The goal of the loan is to support small-scale farmers impacted by the COVID-19 pandemic,Continue reading → 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. Pact Global Microfinance Fund is Myanmar’s largest microfinance institution. 2019-12-05. Due Diligence: An Impertinent … In detail information about the conference can be seen in the website link. 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. 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. 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. 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) … The Myanmar Times has reported AGD Bank is providing a USD 6mn, 3-year loan facility to Hayman Capital’s microfinance subsidiary in Myanmar. 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. The event, Microfinance Success Asia 2019 in Park Royal Hotel, Yangon on 23-24 July 2019 has organized by HBZ EVENTS. However, providers can be more efficient in their funding if there is better financial data on borrowers. Paris: OECD. Learn more about Pact Global Microfinance Fund in Myanmar 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 … 2019-07-30. Yangon: GIZ-Myanmar and Thura Swiss. It was our pleasure to welcome over 220 delegates. … The MFI industry, in general, has a high repayment rate of over 99pc, said Rachel Yu, development director of VisionFund Myanmar. 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. Alliance for Microfinance in Myanmar provides loans and savings products to micro business owners in the Mandalay region. Photo: Aung Htay Hlaing/The Myanmar Times 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. Myanmar Financial Services Monitor / News / Microfinance Microfinance. Deposits, loans and … Since the enactment of Microfinance Business Law in 2011, the sector has grown rapidly and now serves over 3 million customers. The Myanmar Microfinance Association (MMFA) obtained its permanent license as a non-profit association from the Ministry of Home Affairs in 2017. So, we are looking for a people who can make a difference and who can share our aim to success. 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. An evaluation was conducted to assess the impact of FMO’s early engagement for the banking sector, local economy and financial inclusion. Since June 2019, microfinance lenders have been allowed to charge annual interest of up to 28 percent. Related reports: Email This BlogThis! 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. Microfinance services were started by international NGOs (e.g. Microfinance institutions (MFIs) were serving almost 5 million clients through about $1.2 billion in outstanding loans as of end-September 2019, up from $800 million loans served to four million borrowers at the end of 2018. full text documents on Burma/Myanmar. By. Breadcrumb . We’re successful when communities can say, “We did it ourselves.” Stories and Highlights . Myanmar’s microfinance providers require access to larger pools of international funds in order to expand and meet the needs of the local population. Monday, November 18, 2019 ... Microfinance sector in Myanmar is rapidly expanding as more loans are becoming available for SMEs and micro-entrepreneurs. One reason is because most MFIs do so via local agents. New Regulations. 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. Microfinance institutions (MFIs) were serving almost 5 million clients through about $1.2 billion in outstanding loans as of end-September 2019, up from $800 million loans served to four million borrowers at the end of 2018. And it is widely believed today that the provision … Pact envisions a Myanmar where vibrant and diverse communities exercise their voice and build lasting solutions for a better life. In the meeting, MMFA discusses the collective comments and suggestion from its member MFIs to consider in updated Microfinance law (draft). Once again, Cordaid Investments has acted as a pioneer in supporting growth in rural Myanmar. 7. Key View The money transfer and microfinance sectors will see the most attention from fintech companies. 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. 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 : … • Personnel files are setup for alll staff member and properly organized with regular and timely updates. 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. Currently only 17% of the households have access to a bank account. 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 Myanmar Microfinance Supervisory Enterprise as the secretary and persons from suitable Government departments and organizations as members. Meanwhile, the government had ordered MFIs to allow delayed repayments, making the collection of repayments on time almost impossible. Managing Sustainability & Impact in a Rapidly Evolving Microfinance Sector. 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. 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]. 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. © Copyright 2021 The Myanmar Times. In this event, MMFA is one of the Strategic Partner. Currently only 17% of the households have access to a bank account. Multi-Dimensional Review of Myanmar, Volume 2: In-Depth Analyses and Recommendations. It is dominated by four state- owned banks and 19 … With interest rates in Myanmar now lowered though, that access is now at risk. This report makes two sets of recommendations. 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. 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