Easy Microfinance Announces Flexible Payment Solutions and Supports Institutions on the Front Lines

YANGON, MYANMAR – Easy Microfinance, a leading Myanmar microfinance institution backed by Meridian Capital Limited and Delta Capital, has announced donations to support COVID-19 relief efforts in Myanmar and a roll out of a digital repayment channel through Ongo, the leading digital payment service provider in Myanmar. Easy Microfinance clients now have a convenient option to repay their loans at any Ongo agent location or online through the trusted Ongo app.

“As a responsible Microfinance Institution, it is important for us to help in the fight against COVID-19 in Myanmar, whether through offering flexible payment solutions for clients whose businesses are affected by COVID-19, offering convenient and safe channels for repayment through Ongo, or supporting the institutions on the front lines,” said Frank Snieders, Managing Director of Easy Microfinance. “These are challenging times, and we will continue to support the communities we serve during this crisis while also providing access to finance for small businesses, who are providing essential services.”

Easy Microfinance donated five million kyat to national and regional government committees and hospitals to support the distribution of Personal Protective Equipment (PPE) and testing supplies to aid in the fight against COVID-19. The donations included one million kyat to the National-Level Central Committee on Prevention, Control and Treatment of COVID-19 in Nay Pyi Taw and an additional one million kyat each to the Mon State Government Anti-COVID 19 Committee and the Sagaing COVID-19 Committee. Easy Microfinance also donated one million kyat each worth of Personal Protective Equipment (PPE) units to two COVID-19 health centers in Yangon: the Women and Children Hospital in South Okkalapa and the San Pya hospital in Thingangyun.

Easy Microfinance also continues to support clients with new loans during the pandemic while the partnership with Ongo will ensure clients can conveniently and safely repay their loans. Since the pandemic first came to Myanmar in March, Easy Microfinance has disbursed more than 55 thousand loans for a total volume of more than 30 billion kyat, whereas in the same period more than 40 thousand loan repayments were done through the Ongo channel for a volume of more than 3.5 billion kyat.

“Our goal is to continue removing barriers to financial inclusion and the partnership with Ongo is not only convenient for our clients, but also helps prevent the spread of COVID-19,” Mr. Snieders said. “Clients using this enabling technology don’t have to travel far to make repayments, so they avoid exposure to the virus on public transport and crowding in branch locations.”

Furthermore, Easy Microfinance is providing relief for clients whose capacity to repay their loan is affected by the COVID-19 pandemic: rescheduling options to achieve lower monthly installments for clients with reduced income and a moratorium on payments for clients whose businesses are closed or do not have income.
Through its continuously expanding branch network, currently counting 24 branches in 7 regions, Easy Microfinance also supports broader goals for financial inclusion in Myanmar, where an estimated 40 million people or 70% of the population do not have access to banks. Easy Microfinance hopes to contribute to the goal from the Government of Myanmar and the United Nations Capital Development Fund to increase formal financial inclusion in Myanmar to 60% by 2023 in order to support job creation, poverty alleviation and household resilience.

“We full heartedly support Easy Microfinance’s efforts to combat the spread of COVID-19 and promote the social and economic mission of greater financial inclusion in Myanmar,” said Askar Alshinbayev, Principal and Founding Partner of Meridian Capital Limited, a primary and founding shareholder in Easy Microfinance. “At Meridian Capital, we are invested in serving communities in Myanmar for the long term by building capabilities and developing plans to improve access to capital and financial wellbeing. The pursuit of this mission includes supporting the resilience of small business owners during the COVID-19 crisis and increasing access to financial services in the country through the introduction of digital channels. The financial impact of lockdown and COVID-19 has been substantial, however an even more digitized economy has emerged where the new collaboration with Ongo will provide an easy and convenient repayment method which is in line with what we have developed with Easy Microfinance.”

MC Easy Microfinance Company Limited
853, Kyaw Thu 22 Street, 9 Ward
South Okkalapa Township, Yangon
Frank Snieders
+95 (0) 99 697 017 66
Contact: info@easy.com.mm
https://easy.com.mm/

About Easy Microfinance
Easy Microfinance is a best practice Microfinance institution, licensed by the Financial Regulatory Department of the Ministry of Planning and Finance of the Union of Myanmar. With a paid in Capital of USD 14.2 million, Easy Microfinance is one of the best capitalized MFI’s in the country. The institution currently operates in 7 states through 24 branches serving 140,000 active clients. Since opening its doors in October 2016 Easy Microfinance has disbursed more than 500,000 loans for a total amount of more than 215 billion Myanmar Kyats, thus significantly contributing to the development of small and micro businesses in Myanmar. The shares of Easy Microfinance are held by a Singaporean holding company, MC Projects Limited, of which the ultimate shareholders are Meridian Capital Limited (55%) through its Meridian Capital CIS Fund and Delta Capital (45%) through its Myanmar Opportunities Fund II.

About Ongo
Ongo is the brand name for Ronoc Myanmar Limited and is the leading B2B digital payment service provider in Myanmar. With its licensing partner Myanmar Oriental Bank (MOB), Ongo App Users can use their smartphone to Cash-in (convert their cash into e-money) and Cash-out at Ongo Cash Agent locations across Myanmar. Ongo services include: mobile airtime top-up, P2P money transfer, B2B payments, bill payments, digital payroll services, and online shopping payments. Since Ongo mobile wallet was officially launched in 2017 in partnership and with the support of Myanmar Oriental Bank Limited, all Ongo mobile wallet accounts are regulated by the Central Bank of Myanmar under the Mobile Banking License (MBL) directive through Myanmar Oriental Bank (MOB). Ongo’s goal is to promote financial inclusion in a safe, simple and convenient fashion. https://ongo.com.mm/

About Meridian Capital Limited
Meridian Capital Limited is a private investment firm based in Hong Kong which was founded in 2002. The company operates in emerging and frontier markets, often in partnership with industry leaders and talented entrepreneurs. Meridian Capital carefully selects investments to ensure that they have a broader social, developmental or environmental impact in their sectors and operating environments, from optimizing dairy chains in China to enabling entrepreneurs through micro-finance in Myanmar. https://meridiancapitallimited.com/

About Delta Capital
Delta Capital, which has its head office in Yangon, backs entrepreneurs and businesses, and helps build leading companies across sectors in Myanmar. Delta Capital works with companies’ founders and management to build responsible businesses, creating value for shareholders and generating superior returns for its investors.

This release was published on openPR.