Ongo provides easy loan repayments for country’s rural borrowers
Digital payment service provider, Ongo, and inclusive microfinance organization, BRAC, have officially partnered to offer BRAC borrowers the ability to easily and swiftly repay their loans.
YANGON, Myanmar – 13 June 2019 – Ongo, the market leading business-to-business (B2B) digital payment service in Myanmar announced today its partnership with BRAC Myanmar Microfinance Company (BRAC), one of Myanmar’s premiere microfinance lenders, to fully digitize its loan repayments, allowing BRAC borrowers to quickly and easily pay back their loans with the Ongo mobile app or with an Ongo QR Card at any Ongo Agent.
BRAC, an inclusive, pro-poor and pro-rural microfinance organization who have been working in Myanmar since 2014, aim to create employment and income opportunities for people living in poverty, particularly women who have been left out from mainstream financial and development systems. With more than USD 76 million worth of loans disbursed among 131,319 total borrowers through BRAC since 2014, this partnership with Ongo aims to make loan repayments easy and quick for busy borrowers.
Ongo and BRAC will initiate their efforts through an extensive pilot implementation with borrowers serviced by four (4) BRAC branches in Myanmar. “At BRAC, we are committed to digitally transforming our business,” explains Tariqul Islam, Ph.D, Country Representative of BRAC Myanmar, “this partnership with Ongo is a key element in our digital strategy.”
Registered in the Netherlands and headqutered in Bangladesh, the microfinance organization brings in a holistic development model, delivered through its microfinance plus approach, integrated with other development interventions such as education, health and agriculture. “BRAC is one of the market leading microfinance institutions in Myanmar and has a strong international base. We greatly appreciate the opportunity to be a partner with BRAC and service an important element of their overall digital transformation,” says Allen Gilstrap, Ongo CEO. 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/BRAC 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 https://www.facebook.com/ongoemoney/, 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 130 corporate clients, 26,000 merchants and 500,000 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 BRAC Myanmar
BRAC is founded by Sir Fazle Hasan Abed in 1972 in Bangladesh and has since grown to become one of the largest non-governmental organizations (NGOs) in the world. BRAC takes a holistic, sustainable, and community-based approach to poverty alleviation through which encompasses a range of core programmes in economic and social development. BRAC runs programme in 12 countries in Asia and Africa and have created opportunities for millions of people globally. BRAC has been working in Myanmar since 2013 with two entities – BRAC Myanmar (as an INGO) and BRAC Myanmar Microfinance Company Limited (as a Microfinance Institution). BRAC started its microfinance operations in 2014, to extend inclusive financial services and development interventions for families living in poverty. BRAC currently offers services to more than 100,000 families across the country, in the Yangon, Bago, Mandalay and Sagaing regions, Mon and Shan States and in Naypyitaw council area, with an aggregate loan book of MMK 23 billion. BRAC focuses on women to promote the economic growth of households in both urban and rural areas, currently offering credit services through 57 branch offices across the country.
For more information,
please contact: Thet Moe Myint
ERA Myanmar + 959 250 355 811