Ongo and MFIL launch fully digitized repayment system for borrowers
In partnership with one of the country’s leading microfinance groups, MFIL, Ongo has launched a fully digitized repayment system – revolutionizing the way borrowers repay their loans through the convenience of Ongo’s mobile app and agent network.
YANGON, Myanmar 26th February 2019 – Ongo, the market leading business-to-business (B2B) digital payment service in Myanmar, in partnership with one of the country’s leading microfinance groups, Myanmar Finance International Limited (MFIL), have launched a fully digitized repayment system, allowing borrowers to quickly and easily pay back their loans on a mobile app or with a QR card at any Ongo agent location.
The service, which is used by many microfinance institutions around the country, is set to reach full coverage of all MFIL branches and borrowers by April 2019. “It is much more convenient for me to make repayments with the help of an Ongo Agent. Not only is it easy, but it is safer and reduces the risk of cash-handling,” explains one satisfied MFIL customer that has been using Ongo for loan repayments, U Tin Aung Kyaw.
To improve financial inclusion in Myanmar and help small entrepreneurs, microfinance institutions such as MFIL provide financial services to individuals who lack access to or do not qualify for conventional sources of funding. Since 2014, MFIL, a joint venture among Myanmar Investments International Limited, Myanmar Finance Company Limited and Norfund (the Norwegian government’s development finance institution), have been providing microfinance loans to communities in Yangon and Bago and will be expanding operations to Mon State shortly.
“We are excited to partner with Ongo in digitalizing our microfinance operations. Thanks to this notable achievement, borrowers are able to more easily and seamlessly repay their loans, allowing our loan officers to spend more of their time and energy focusing on portfolio expansion, customer service and credit quality of our loans,” explains Po Yort, MFIL’s CEO.
Aside from the ease and simplicity of repaying their loans with Ongo, MFIL borrowers who utilize the app also unlock access to a number of other privileges including airtime top-up – allowing them to instantly top-up their phone credit – as well as make various bill payments, receive Ongo Rewards and many other services for free.
“The launch of this partnership between Ongo and MFIL is a truly remarkable one as it has enabled a faster adaption rate of digital money than banks among microfinance here in Myanmar,” explains Allen Gilstrap, Ongo CEO. “We look forward to continuing to solve some of the issues that the microfinance industry face in Myanmar and in the future will work on enabling digital deposits and withdrawals for the MFI as well,” says Gilstrap.
As the market leaders for business-to-business digital payment services in Myanmar, Since Ongo’s launch in late 2016, it has partnered with over 100 business clients, 26,000 merchants and 400,000 consumer users. Its network has grown to reach 55 towns and cities across Myanmar.
For more information on the Ongo/MFIL 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 email@example.com or call 09-450888996-7, 09-444450816-8.
Ongo is the brand name for Ronoc Myanmar Limited which provides digital payment services 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 hundreds of Cash Agent locations in Yangon and Mandalay. Ongo services include; mobile airtime top-up, P2P money transfer, B2B payments, bill payments, and online shopping payments. In addition, Ongo Users will 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 Myanmar Finance International Limited (MFIL)
MFIL began operations in 2012 when Myanmar passed the Microfinance Law. It was founded by a group of Myanmar nationals, led by U Htet Nyi, a highly-regarded businessman who also serves as the Honorary-Consul of Norway and Finland. MFIL is jointly owned between its Myanmar founders, Myanmar Investments International Limited – a Myanmar-focused investment company listed on the London Stock Exchange, and Norfund – the Norwegian government’s development finance institution.
Website : http://myanmarinvestments.com/mfil/