According to the 2017 Myanmar Living Condition Survey (MLCS), approximately one in four people in Myanmar live below the poverty line. Despite strong progress in poverty reduction in recent years, vulnerability to poverty remains an issue. Microfinance plays a crucial role in bringing credit access to people & SMEs in rural and suburban areas, helping them raise income levels and move out of poverty.
Sharing a common goal to eradicate poverty in Myanmar, CARD Myanmar has chosen Musoni’s award-winning core banking system to easily grow its portfolio and provide more channels to its customers. In the coming months CARD Myanmar will continue their digitalisation journey, and deploy additional channels such as the Musoni digital field application for account officers, and the Musoni client app. All solutions are already translated into local language and the system includes the FRD regulatory financial reports as standard, making the system perfectly suited for Myanmar.
Mr. Bengie L. Buenviaje, Microfinance Expert from CARD Myanmar, said “We are delighted to work together with Musoni and ThitsaWorks. Musoni is perfectly suited for us in supporting our digitalisation strategy. We are convinced that this is an excellent system for us to become a sustainable microfinance company providing integrated services to low-income families and contribute to poverty eradication in Myanmar.”
Cameron Goldie-Scot, Musoni’s CEO, added “We are very proud to be have been chosen as the digitalisation partner for CARD Myanmar, an excellent organisation that has consistently worked to empower marginalised communities. We look forward to supporting their digitalisation journey over the coming years.”
U Nyi Nyein Aye, ThitsaWorks’ CEO, commented “We are excited to partner with CARD Myanmar to help them with their digital transformation. I believe that these reliable and robust systems provided by Musoni will make more effective and efficient changes in the operations of financial institutions, and promote financial inclusion in the country. This will bring positive impacts within the society and we are always welcome to help all MFIs in Myanmar grow.”
About Card Myanmar – Card Myanmar Company Limited is part of the Philippines based international MFI network, running across a number of countries in Asia. In response to the needs for microfinance services in Myanmar, CARD Myanmar was established in 2013, providing three major services; microfinance, capacity building and technical assistance with 18 branch offices nationwide. CARD Myanmar provides a suite of low-interest rate loans designed to meet low-income families’ needs: Regular Business Loan, Small Business Loan, Educational Loan and Agricultural Loan. CARD Myanmar is committed to becoming a sustainable microfinance company offering integrated services to vulnerable communities and contributing to the poverty eradication in Myanmar. CARD Myanmar currently serves 20,000 customers, providing microfinance and integrated services to low income, vulnerable, and disadvantaged people and their families.
About Musoni – Musoni is the leading digitalisation partner for microfinance institutions around the world. It helps organisations improve their efficiency and extend their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. It has over a decade of experience and now supports 75 organisations in 15 different countries. It takes pride in its hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar.
About ThitsaWorks – ThitsaWorks is a Myanmar financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides financial technology solutions for Microfinance institutions to run effective operations. ThitsaWorks works with large and small MFIs in Myanmar to help them enable better management and minimize risks, thereby attracting more customers and powering financial in the country. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT expertise system globally. ThitsaWorks is Musoni’s official partner in Myanmar.