Ongo partners with SVS, offers easy loan repayments to low income borrowers
Digital payment service provider, Ongo, extends their services to microfinance organization, SVS, giving rural borrowers an efficient method to repay their microloans.
YANGON, Myanmar – 15 July 2019— Established in 2008 in response to the devastation of Cyclone Nargis in Myanmar’s Delta region, Social Vision Services (SVS) have since expanded their initial emergency response efforts to more long-term solutions around the country. SVS obtained a microfinance license in 2013 and currently serves more than 8,000 women through microfinance loan services in Wundwin Township in Mandalay.
Their microfinance program, which aims to improve livelihoods and food security to rural farmers and landless women by enabling better access to the input market, is now made even easier through Ongo’s mobile money services.
“Social Vision Services’ commitment to the empowerment and development of their women borrowers is inspiring and we are thrilled to partner with them to make loan repayments easy and efficient for their hard-working customers,” says Allen Gilstrap, Ongo CEO. Along with agricultural loans, SVS offers rural poor female borrowers microfinance loans for the investment of other non-farming activities to support their families financially.
According to Ministry of Industry data, over 98% of the country’s businesses can be classified as small to medium enterprises (SMEs) or microbusinesses, however, only 3%1 of those businesses are given funding by financial institutions. Organizations such as SVS offer small business owners another option when it comes to loans, and now with Ongo, their loan repayments are made even easier.
“Over the past ten years we have made great strides in terms of disaster response; from providing emergency water, sanitation and hygiene supplies, emergency livelihoods aid and psycho-social support to the affected communities in the aftermath of the disaster,” says Khin Thet Maw, Managing Director. In recent years, our microfinancing services have helped 1 Myanmar Times, Low penetration rate for SME loans, Ministry of Industry data reveals, 28 June, 2019. Online. https://www.mmtimes.com/news/low-penetration-rate-sme-loans-ministryindustry-data-reveals.html elevate communities from poverty and enabled rural residents grow their own ventures. This partnership with Ongo is a perfect example of utilizing the capacity and knowledge of others to supplement and improve our services, for the benefit of Myanmar’s rural poor,” explains Khin Thet Maw, Managing Director.
With Ongo, SVS customers can easily repay their loans at any Ongo agent location or simply with the Ongo smartphone App themselves. 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). This provides Ongo Users with the security of a bank regulated account without ever having to visit a bank branch.
For more information on the Ongo/SVS 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/ongomobilemoney, e-mail firstname.lastname@example.org or call 09-450888996-7, 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 55 Myanmar cities with over 1,800 Ongo agent employees providing digital payment services to over 140 corporate clients, 26,000 merchants and 550,000 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.
About Social Vision Services (SVS) Myanmar
Social Vision Services (SVS) was established in 2008 just after Cyclone Nargis, with the initial purpose of Emergency Humanitarian Response toward cyclone victims in Myanmar’s Delta region. SVS provided immediate response through emergency water donation, sanitation and hygiene, emergency livelihoods support and psycho-social support to the affected community in the aftermath of the disaster.
For more information, please contact:
Thet Moe Myint
ERA Myanmar + 959 250 355 811