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Yangon, 29th June, 2020
CARD Myanmar Co., Ltd, the international social development organization, has recently gone live on the Musoni cloud banking system in partnership with ThitsaWorks.
Poverty in Myanmar is one of the main challenges in addressing the country's development. According to the 2017 Myanmar Living Condition Survey (MLCS), about one in four people in Myanmar is poor. Despite strong performance in poverty reduction, vulnerability to poverty remains an issue. Since a number of vulnerable people are lagging behind in the economic process, it is important to encourage inclusive growth where every individual can enjoy. Small and Medium Enterprises and Microfinances therefore play a crucial role to bring credit access to people in rural and suburban areas and promote their well-being.
Sharing a common goal to eradicate poverty in Myanmar, CARD Myanmar have chosen Musoni’s award-winning core banking system to more easily grow their portfolio and provide more channels to their customers. Over the coming months CARD Myanmar will continue their digitalisation journey, and deploy additional digital channels such as the Musoni digital field application for loan officers, and the Musoni client app. Making the system perfectly suited for Myanmar, all solutions are already translated into local language and the system includes the FRD financial reports as standard.
Mr. Bengie L. Buenviaje, Microfinance Expert from CARD Myanmar, said “We are delighted to work together with Musoni and ThitsaWorks. Musoni is perfectly suited for us in supporting our digitalisation strategy. We are convinced that this is an excellent mechanism for us to become a sustainable microfinance company providing integrated services to low-income families and contribute to poverty eradication in Myanmar.”
Mr. Cameron Goldie-Scot, Musoni’s CEO, added “We are very proud to be chosen as a core banking system of CARD Myanmar who has been consistently empowering the marginalized sector in Myanmar. Together, we are looking forward to providing more integrated services to economically challenged communities and fulfilling their social needs. This is a great opportunity for all of us to build a sustainable and well-developed society.”
U Nyi Nyein Aye, ThitsaWorks’ CEO, commented “We are excited to partner with CARD Myanmar to help them with their digital transformations. I believe that these reliable and robust systems provided by Musoni will make more effective and efficient changes in the operations of financial institutions, and promote financial inclusion in the country. This will bring positive impacts within the society and we are always welcome to help all MFIs in Myanmar grow.”
Philippines-based international MFI running in Asian Countries
In response to the needs for microfinance services in Myanmar, CARD Myanmar COMPANY LIMITED was established in 2013, providing three major services; microfinance, capacity building and technical assistance with 18 branch offices nationwide, CARD Myanmar provides a suite of low-interest rate loans designed to meet low-income families’ needs: Regular Business Loan, Small Business Loan, Educational Loan and Agricultural Loan. CARD Myanmar is committed to become a sustainable microfinance company offering integrated services to vulnerable communities and contribute to the poverty eradication in Myanmar.
Visit CARD Myanmar Co., Ltd at https://www.cardmyanmarcoltd.com.
About Musoni - Musoni is the leading digitalisation partner for microfinance institutions around the world. We help organisations improve their efficiency and extent their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module and client banking app. We have over a decade of experience and now support 75 organisations in 15 different countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya and Myanmar.
Visit Musoni at http://musonisystem.com.
About ThitsaWorks - ThitsaWorks is a Myanmar financial technology company based in Yangon. Founded in 2016, ThitsaWorks provides financial technology solutions for Microfinance institutions to run effective operations. ThitsaWorks works with large and small MFIs in Myanmar to help them enable better management and minimize risks, thereby attracting more customers and powering financial in the country. Led by a team of IT professionals, the ThitsaWorks team has years of experience managing mission critical IT expertise system globally. ThitsaWorks is Musoni’s official partner in Myanmar.
Visit ThitsaWorks at https://www.thitsaworks.com.
For more information about Musoni, please contact info@thitsaworks.com.
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