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Microfinance firms to get more support

Myanmar Apex Bank (MAB) has allocated K57 billion to support selected microfinance companies that lend to small businesses, the bank announced on Wednesday.

MAB is now supporting Fullerton Finance Myanmar, Proximity Finance Microfinance, Vision Fund Myanmar, Early Dawn Microfinance, and Pact Global Finance Microfinance Fund.

“Microfinance companies play an important role in supporting small businesses in Myanmar and we are pleased to be the funding bank for these lenders. Small businesses will continue to play a vital role in creating employment opportunities in Myanmar,’’ U Zaw Moe Aung, deputy chief business officer from MAB, said during the signing ceremony.

Incorporated in 2010, privately-owned MAB provides funding to microfinance companies based on their requirements in order to support micro customers and small business. “Our financing solutions is tailored uniquely to each company after taking into consideration their track record and profile,” said U Zaw Moe Aung.

U Kyaw Ni Khin, chief business officer at MAB, added that in the future, MAB plans to expand its funding of microfinance to reach larger swathes of the economy. “The small businesses borrow K10 million at most and if there is growth, there will be demand for more capital to expand,” he said.

Source: Myanmar Times

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