UK Invests US$1.7m in Myanmar Mobile Banking Services
Myanmar, July, 05 2019 -
DaNa Facility and a microfinance institution will invest in a new mobile banking project which will extend digital financial inclusion to Myanmar’s unserved population in rural areas and disadvantaged groups.
VisionFund Myanmar (VFM), a UK-based microfinance institution, together with the Department for International Development (DFID)’s DaNa Facility will put down US$1.7 million for a financial services scheme for clients in the remote parts of Myanmar. VFM will receive assistance to upgrade their system and technology and utilise mobile applications so it can further expand its services to include women, migrant workers, and smallholder farmers.
"Through the project, VisionFund aims to provide customers with mobile wallets and clients with access to digital financial products. It has the potential to transform the lives of so many poor and marginalised people across the country," said Ma Su Wint Wah, PSD policy officer of UKaid Myanmar.
VFM is also aiming to make partnerships with telecom operators to launch its mobile banking services.
With such partnership, VFM will be able to increase the range of its financial services offered to clients beyond traditional loans, savings, and insurance, to include top-up, remittance, and bill payment facilities.
"Our proposed partnership with a major telecom operators will allow us to extend the access and availability of financial products and services to clients in places that have been very hard to reach using traditional banking methods," said Tim Tempany, programme and strategy director of Vision Fund Myanmar.
This is in line with their social mission to expand and deepen client outreach and impact by offering affordable and sustainable financial services to otherwise under-served segments of the population.
"Combining a major telco’s extensive network coverage in the country with the strength of VFM’s relationship with clients and communities, we can make a significant difference in Myanmar’s transition to a digital economy," Mr Tempany added.VFM and its partner will cooperate on educating the customers on financial and digital literacy.