Ongo to offer convenient digital payment channel for Advans Myanmar microfinance customers in Mandalay and Sagaing
Collaboration enables more secure and easy microloan transactions for thousands of borrowers Advans Myanmar serves in these regions
YANGON, Myanmar – 21 August 2019 – Ongo, the market leading business-to-business (B2B) digital payment service in Myanmar announced today its partnership with Advans MFI Myanmar Company Limited, one of Myanmar’s fastest growing microfinance lenders, to digitize its loan repayments, enabling Advans borrowers to pay back their loans quickly and easily with the Ongo mobile app or with an Ongo QR Card at any Ongo Agent.
Advans Myanmar started lending operations in April 2017 and serves over 44,000 clients with an overall loan portfolio of over 18 billion MMK at end of June 2019. The MFI offers village banking to clients in rural areas as well as small group lending products and individual loans in urban areas. Advans Myanmar aims to promote inclusive economic development in Myanmar by building the Financial Stability of families, small businesses and farmers. With mobile internet penetration improving in this geographically vast nation, digital payment systems such as Ongo’s can ease the livelihoods of people who depend on finance services for their commercial growth and operations.
“Ongo is pleased to be supporting Advans Myanmar in their pursuit of making microfinance more accessible and convenient. Borrowers in rural areas often face logistical and access challenges, and Ongo provides an easy way for communities, including those in Mandalay and Sagaing where Advans operates, to pay back their loans without having to leave their own homes or business premises,” said Allen Gilstrap, Ongo CEO. “Customers who may be constrained previously can now use our secure app-based mobile platform, to have a worry-free experience as they can now allocate more of their precious time to the important work of growing their businesses.”
Once the digital service with Ongo commences, Advans Myanmar customers can easily repay their loans at any Ongo agent location or simply with the Ongo smartphone app themselves. As all Ongo mobile wallet accounts are monitored and regulated by the Central Bank of Myanmar under the Mobile Banking License (MBL) directive through Myanmar Oriental Bank (MOB), customers can get the security of a bank regulated account without ever having to visit a bank branch.
“A partnership with Ongo will enable our customers to make loan repayments easily and quickly and close to their home. It will make Advans financial solutions more accessible for customers in their day-to-day lives, saving them time and travel expenses. The partnership will also enable Advans to effectively reach out to communities and businesses in more remote areas that were previously excluded. This collaboration will bring more than just business benefits, but an increase in connectivity will empower inclusive economic development for previously underserved families, small businesses and farmers of Myanmar,” said Jana Kadian, Managing Director, Advans Myanmar.
For more information on the Ongo/Advans digitized payment system partnership or Ongo’s other innovative digital payment services, please visit the company’s official website at ongo.com.mm or Facebook account at facebook.com/ongoemoney, e-mail firstname.lastname@example.org or call 09450888996-7, 09-444450816-8.
Ongo is the brand name for Ronoc Myanmar Limited and is the leading B2B digital payment service provider in Myanmar. Ongo operates in 74 Myanmar cities with over 1,800 Ongo agent employees providing digital payment services to over 140 corporate clients, 26,000 merchants and 650,000 consumer users.
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 hundreds of 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. In addition, Ongo Users receive rewards in their Ongo App from leading Myanmar retailers and online merchants. Our goal is to promote financial inclusion in a safe, simple and convenient fashion.
For more information, please contact:
Zar Pann Phyu
+ 959 770 551 384
About ADVANS MFI Myanmar
Advans Myanmar was incorporated in 2015 and is the tenth subsidiary of the Advans group, an international microfinance group present in Africa and Asia. The MFI was founded by Advans SA, Norfund, the Norwegian development bank, and Amret, a Cambodian MFI which is also a subsidiary of the Advans Group. Advans Mission is to become a Market Leader in innovative Financial Solution based on sincere care for the customers and Staffs.
Advans MFI Myanmar Company began operations in 2017 and serves over 40,000 clients in the Mandalay and Sagaing Regions with branches namely Amarapura Township, Myit Nge (Sartoe), Ohn Chaw villages, Pathein Gyi Township, Madaya Township, Monywa Township, Chaung U Township, Maha Aung Myay Township, Aung Myay Thar Zan Township, Chan Mya Thar Si Township, Sagaing Township and Pyin Oo Lwin Township.
For more information, please contact:
Operation Project Manager
ADVANS MFI Myanmar Company Limited
T: +95 977 989 44 45