Chief Executive Officers from ThitsaWorks Solutions Myanmar Co,. Ltd,U Nyi Nyein Aye, said, “70 percent of Myanmar population is living in remote places, the rural areas are difficult to provide access to micro financing. If micro financing can be digitalized, it would be more effective to reach more to loan receivers.”
“There are about 3 million customers receiving microfinance and digitalizing the services already, we can increase the number to 5 million loan receivers,” he added.
There are only five micro financial services that provide loans digitally; U.S. based Thitsaworks Solutions Myanmar Co., Ltd in cooperation with Musoni that developed software service which has expanded their to services to 173 locations across the country.
‘‘Most of the micro-financing services are using man power, this is time consuming and tiresome, and need to carry lots of cash for microfinance and this is very dangerous. So, if we can provide service via mobile applications, it would be far more effective,’’ U Nyi Nyein Aye told Myanmar Business Today.
Micro-financing services are providing loans to help people who are starting businesses, most of whom are women.
80 percent of micro-financing services are not using a digital system and the industry still have many challenges to be receiver-friendly.