Microfinance Success Asia: Professionals And Stakeholders Gather In Yangon

Senior microfinance professionals and stakeholders from Asia region together with locals from Myanmar microfinance industry gathered in Yangon, Tuesday. 

Under the theme of “Managing Sustainability & Impact in a Rapidly Evolving Microfinance Sector”, Microfinance Success Asia 2019 will bring opportunities not only for the stakeholders to tackle issues but also for the participants to engage in professional exchanges and to network with players from all sectors of the industry.

According to the industry players, over 180 microfinance institutions (MFIs) have been providing services to over 3.4 million of population in the country. MFIs added over 350 Billion worth of investment circulate in the industry at present.

Representatives from the Microfinance association highlighted on the challenges and ask for the stable and effective policies for the industry.

Executive Committee Member, Myanmar Microfinance Association, Phyu Ya Min Myat said “Since the enactment of law in 2011, we’ve seen tremendous development in Myanmar Microfinance industry. And along with the growth, there are also many challenges to address. We still need to develop networking among the institutions. We are now working on the credit bureau but still need times to functionally operate it. We also need to have stable policies and practices. The industries are now working to advance in technology and digitization, but we need to build a strong foundation for that as well.”

Scheffman consulting that working and assisting the industry players and regulators for many years assure that the industry still need mechanism to check on the capacity and loans of the borrowers and 2-day seminar will help the people to learn how to digitize the finance.

Managing Director, Scheffmann Consulting, Tim Scheffmann said "... One of the challenge what we see right now is that one borrowers finds since he takes three loans from three different microfinance. So right now the credit bureau is not fully established and exchange is happening but more on the MFIs organize way.... In order to really officially help the whole market, MFIs can lend with collateral. ..If we have more flexible interest rate that help to design products more for the end users for the customers.... that can help a lot the industry to grow..."

Microfinance Success Asia 2019 will run until Wednesday and the event will focus on in-depth information for industry players, sharing the international practices and experiences and building a network among microfinance institutions.