Yoma Bank and MC Easy Microfinance company limited signed two funding agreements of total MMK 8 billion (MMK 4 billion each). The first agreement was successfully completed in September, according to a press release. These new facilities will enable Easy Microfinance to extend its operations and serve an additional 28,000 borrowers, particularly micro-entrepreneurs and small business owners, who need financial assistance in seeding capital for their business’ operations. Easy Microfinance currently has an impressive loan portfolio of more than MMK 20 billion serving about 70,000 active clients through its 12 branches across Yangon, Naypyidaw, Sagaing, Magway, Mon and Kayin regions. Yoma Bank is one of Myanmar’s largest banks with over 3,000 staff members and 75 branches nationwide.
“We are pleased to include Easy Microfinance as the 10th microfinance institution to benefit from Yoma Bank funding over the past twelve months. In pioneering support for Myanmar’s MFIs, Yoma Bank has provided 80 billion kyat of funding which goes directly to improving the livelihoods of tens of thousands of Myanmar through the development of entrepreneurship and business development. Our partnership with Easy Microfinance represents another step in Myanmar’s economic development.” said the Advisor to the Chairman and CEO of Yoma Bank, Mr. Hal Bosher.
Easy Microfinance is a for-profit microfinance company, which started operations in 2016. Easy Microfinance loans are designed to be easy and quick to obtain and easy to repay, with loan amounts that are adapted to the business needs and repayment capacity. Its financial services consist of two loan products: a solidarity group loan which is targeted to low-income families and very small business owners in need of a loan up to MMK 1 million, and an individual business loan product targeting small businesses in need of financing up to MMK 10 million.
“We are grateful for Yoma Bank’s support which will help Easy Microfinance to expand its geographical footprint, and to offer its products to many more small entrepreneurs, providing them with access to financing which will enable them to develop their businesses, create jobs and improve their livelihoods. We are proud of Easy Microfinance’s contribution to financial inclusion and economic development in Myanmar”, said Frank Snieders, Managing Director of Easy Microfinance.