Microfinance in Myanmar: A Silver Bullet to Stamp out Poverty?

  The passing of the Microfinance Law in 2011 led to a rapid influx of Microfinance Institutions (MFIs) in Myanmar. As of December 2015 there were over 256 MFIs operating in Myanmar, all competing to crack the estimated 33 million unbanked residing here. It is believed informal money lenders charging extortionate interest rates will become […]

ASA Microfinance Plans Expansion; to Invest $30 Million by 2019

As part of its efforts to eradicate poverty the current government allowed foreign microfinance companies to operate in Myanmar since 2012. The Netherlands-based microfinance firm Association for Social Advancement (ASA) Microfinance received a licence to operate in Myanmar in August 2014. “Our purpose of coming to Myanmar is not only getting profit from loans, but […]

Microfinance stagnates due to tough rules

The domestic microfinance industry is being held back by a number of constraints on funding, preventing more small-scale loans from being disbursed, according to industry insiders. Customers wait at the counter of one of Yangon’s modern microfinance institutions.Photo:Thiri Lu / The Myanmar TimesCustomers wait at the counter of one of Yangon’s modern microfinance institutions.Photo:Thiri Lu […]

Foreign firm signs on for microfinance

The subsidiary Myanmar Investments International Ltd has signed an agreement with a local company to create a microfinance company in Myanmar. Claiming the newly formed Myanmar Finance International could be the first foreign microfinance joint venture in the country, the partners have agreed to contribute US$4.8 million in capital, it said in a press release. […]

Myanmar Investments Inks First Foreign Microfinance JV Deal

Myanmar Investments Ltd (MIL), a subsidiary of Myanmar Investments International Ltd, has signed a conditional joint venture agreement with Myanmar Finance Company (MFC) Ltd, the Singapore-based firm said. MFC is a provider of microfinance loans principally to small-scale business operators in rural and urban areas of Yangon and neighbouring Bago. Directors of the company said […]

Myanmar aims to reduce poverty level by 10%

YANGON: Myanmar aims to reduce its poverty level by an ambitious 10 per cent to 16 per cent by next year. Myanmar’s Vice President Nyan Tun made the announcement to some 8,000 workers at a rural development event in Yangon. Earning just US$2 a day is common for many in Myanmar, and the government wants […]