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Media »$1.7 Million Investment to Extend Financial Services to Remote Areas

July 4, 2019

 

Yangon, Myanmar: VisionFund Myanmar (VFM) and the DaNa Facility, with funding from UK aid, today announced an investment of around $1.7 million for an innovative new project that plans to transform financial service provision through digital inclusion.

 

The project supports VFM’s introduction of innovative mobile banking services, allowing VFM to significantly expand their outreach, particularly to rural areas and disadvantaged groups, such as women, migrant workers, and smallholder farmers. Through UK aid’s DaNa Facility, VFM has received support to improve their systems and technical capacity, enabling them to offer an expanded range of financial services that can be delivered to people in the hardest-to-reach parts of Myanmar. VFM will no longer rely on “bricks and mortar” offices alone, but will now be able to serve clients through the use of mobile phone applications.

 

VFM plans to engage with potential partners to roll out its mobile banking services. Mobile banking partnerships will also increase the range of financial services offered to clients beyond traditional loans, savings, and insurance, to include top-up, remittance, and bill payment facilities. To support the transformation from physical cash transfers to mobile transactions, VFM and their partners will work together to educate clients and improve financial and digital literacy.

 

Su Wint Wah, PSD Policy Officer of UKaid Myanmar said, “UK aid is very pleased to be supporting this project. It is really encouraging to see the scope of VisionFund’s ambition for the project we are launching today. 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.”

 

Tim Tempany, Program and Strategy Director of Vision Fund Myanmar adds, “Our proposed partnership with a major telecommunication (telco) 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. This is in line with our 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.”

 

ENDS

Notes to editors:

For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: danapress@danafacility.com

 

About The DaNa Facility

The DaNa Facility is a UK aid funded programme, established in May 2016 as one of three components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.

 

About Vision Fund Myanmar (VFM)

VisionFund Myanmar provides financial services to poor communities, particularly underserved women and families in rural areas. It is one of the largest, longest serving, and most strategically positioned MFIs to serve the financial needs of the poor in Myanmar. It offers lending through its network of 51 branches in key urban and rural areas.

 

You can find a Myanmar language version of this press release here.