Yoma Bank and BRAC Myanmar Microfinance Company Limited Strengthen Their Partnership with A New Funding Agreement
This New MMK 6.8 Billion Will Enable Microfinancing Access to 15,000 Families
Oct 8, 2018
Yangon, Myanmar – October 8, 2018 – Yoma Bank and BRAC Myanmar Microfinance Company Limited (BRAC) signed their second funding agreement on MMK 6.8 billion, to strengthen their partnership in shaping financial inclusion in Myanmar. With these new funding resources, BRAC will be able to expand its inclusive microfinance services for women and low-income families living in poverty and outskirts areas of the cities. Additional 15,000 households are expected to be benefitted from this funding agreement, and improve their income level through getting access of microfinance services.
BRAC currently offers services to more than 79,000 families across the country, with an aggregate loan book of MMK 17 billion. It mainly focuses on promoting women empowerment through providing loans and credits in both urban and rural areas. Currently they are offering credit services through 49 branch offices in Myanmar. Yoma Bank is one of Myanmar’s largest banks with over 3,000 staff and 75 branches nationwide. Yoma Bank is constantly driving to reach its ultimate goal of financial inclusion, through offering a variety of financial services to both, individuals and organizations.
Yoma Bank accommodates currency hedging solutions of currency exchange risk, which a majority of microfinance institutions are facing, and continues its support to the growth of the MFI sector in Myanmar. “We are delighted to fund a second BRAC tranche to support low income families in Myanmar. This is a mutually beneficial partnership that Yoma Bank appreciates and looks forward to continuing in the future.” said the Advisor to the Chairman and CEO of Yoma Bank, Mr. Hal Bosher.
Operating in five major areas - Yangon, Bago, Mandalay, Sagaing regions and Nay Pyi Taw council - in Myanmar since 2014, BRAC has offered opportunities for poor households to have access sustainable financial services, which is a driving force of sector-wide development and economic growth of the country.
“People living in poverty are disproportionately excluded from the formal financial sector. BRAC’s inclusive financing in partnership with Yoma Bank will bridge this gap and will include around 15,000 more excluded women in getting access to finance for their livelihood. BRAC will use this money to meet the financing demand mainly from Women Micro Entrepreneurs, Small holder farmers and Small scale women traders. We are happy to have this partnership with Yoma Bank in making Myanmar’s Microfinance sector a truly inclusive one in particular creating better opportunities for the women let them drive out the poverty from the country. We thank Yoma Bank to be with BRAC and support this journey of the people in poverty.” said Tariqul Islam, Country Representative, BRAC Myanmar Microfinance Company Limited.