Congratulations to Hayman Microfinance for being recognised as the fastest growing MFI in Myanmar in the prestigious “Global Banking & Finance Awards”, in April 2020. Recognising the talent throughout Hayman Microfinance’s team, in the same awards Siegfried Kofi Gbadago, CFO and acting-CEO, was recognised as the non-bank financial institution CFO of the year. The awards were created to recognise areas of excellence throughout the financial world, and are a testament to the innovation, achievements and strategy of Hayman Microfinance in the last five years.
Since launching, Hayman Microfinance have grown rapidly, doubling both their client numbers and total portfolio size every year. They currently serve over 150,000 end customers. In a recent interview with Musoni, Siegfried explained how they had achieved this growth: “Hayman was the first organisation to use Musoni in South East Asia, starting in July 2015. This has given us one source of truth for all client and account information. Since we launched, we have expanded our branch network and now have 23 branches fully functional. All using Musoni.”
Hayman Microfinance have always had a strong social impact mission, with a focus on micro-entrepreneurs and smallholder farmers. Over 78% of their customers are women, more than 70% working in rural areas. Aside from providing financial services, Hayman Microfinance also provide their clients with vocational training and healthcare education.
After being incorporated in November 2014 and receiving their operating license in April 2015, Hayman Microfinance selected Musoni as their core banking partner. As a new organisation, Hayman Capital needed a robust platform that could be set up quickly and easily, reducing their time to market. As a cloud-based system built on microfinance best practice workflows, Musoni was the perfect fit. Adopting a cloud-based system made it easier for Hayman to focus on growing their operations, avoid upfront infrastructure costs, and avoid worrying about storage, server maintenance or backups.
Explaining this further, Siegfried continued by saying that “without Musoni it would have been difficult to get these results. The system is user friendly for the operations teams, and robust enough to support our growth. The Musoni team takes a hands-on approach and is helping us take the next steps in our digitalisation journey.”
By using Musoni the operations team have been able to easily understand and grow their portfolio, performing credit checks on new loan applications while using the reporting module to keep track of payments and portfolio quality. Musoni includes a full accounting module, making it easy for the finance team to prepare their monthly reports. End customers receive notifications and updates from Hayman through the Musoni SMS module.
This is just the start of the ongoing digitalisation. Hayman Microfinance would now like reduce the number of paper-based processes and digitalise their loan operations. As a result, they are launching the Musoni Digital Field Application (DFA), in close collaboration with the Musoni implementation team. Finishing the interview, Siegfried concluded that digitalisation is a journey: “Digitalisation comes with costs, both in customisation but also in the time required from the Senior Management teams. By its nature it also brings disruption and requires a change of approach from all departments. However, the benefits of cost reduction, efficiency and outreach far outweigh the costs, and we are excited about taking the next step in this journey.”
Without Musoni it would have been difficult to get these results. The system is user friendly for the operations teams, and robust enough to support our growth.Siegfried Gbadago, CFO & Acting CEO