VisionFund Myanmar

Learn how VFM improved efficiency & digitalised their operations with Musoni

Background

VisionFund Myanmar (VFM), the second largest MFI in Myanmar with 250,000 end customers and a portfolio of over $65MM, selected Musoni as their digitalisation partner at the end of 2018. Since then they have grown by a further 50,000 customers, launched new products and services for their customers, and rolled out the Musoni DFA across all 750 field officers.

Getting started together

As part of the Musoni implementation, all data from VFM’s previous system was migrated into Musoni. This included over 300k clients, all client data, social performance history, 500k loans, 500k savings accounts and over a million loan repayments & savings deposits. The first wave of branches went live on Musoni after just three months, with all remaining branches migrated in the following six months. The implementation was carried out with the support of ThitsaWorks, Musoni’s official partner in Myanmar.

Immediate Impact

Since launching on Musoni, VFM have already seen real benefits. Speaking one year into the project, Rommel Caringal, VFM’s CEO, stated that “Musoni has already delivered measurable benefits to us, including reduced system operating costs, improved efficiency from new features like the in-built credit checks, and improved security through cloud computing.” 

Rommel added that “the real value in Musoni is that it provides the foundation for our digital transformation, including digital field applications and mobile banking. This foundation will enable us to sustainably bring convenient financial services to hundreds of thousands more financially excluded families across Myanmar for many years to come.” 

Further improving efficiency, Musoni has also been integrated with a number of VFM’s third party systems, including their external accounting system (used by the VisionFund International Group), and BankBI, a business intelligence tool.

Musoni is an excellent core banking system perfectly suited to supporting VisionFund’s digitalisation strategy. What we like about Musoni is that aside from the user-friendly and robust core banking system, they have pioneered the use of digital financial services in microfinance and already include tablet and mobile apps as standard.

Guerol Sari, COO

Launching the Musoni DFA

At the end of 2019 VFM continued their digitalisation journey, and started the process of launching the Musoni Digital Field Application to all of their loan officers. After a successful pilot in one region, in March 2020 the DFA was rolled out to all 750 field agents. This resulted in improved efficiency in the field (and better data quality), a reduction in paperwork & printing leading to immediate cost savings.

What's Next?

VFM are now working with Musoni to launch additional channels and services for their customers, including integrating with the leading mobile network operators in the country in order to enable their customers to send and receive funds over their phones.

Musoni has also been selected as the CBS provider to other MFIs in the VisionFund network. We have recently gone live with VisionFund Montenegro and have multiple other organisations planned for the next 18 months.

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