This pioneering initiative will improve access to finance over the next five years, contributing to scale up digital financial solutions and piloting insurance to 500,000 low-income farmers, including women, youth entrepreneurs.

By addressing the need for improved access to financial services and support for MSMEs in agriculture, the project aims to contribute to the creation of jobs and the sustainable and inclusive economic development of the sector.

The general objective is to test a tailor-made and innovative agricultural product for smallholder farmers and expand the loan products to rural areas.

The sale of the stake for $53 million in cash values Wave Money at $104 million and is set to be finalized in the coming days, according to people close to the deal.

City Express Myanmar and Money King were granted remittance licenses on 5 January.

The program will enable credit unions to facilitate loan origination, approvals, disbursements, and deposits digitally.

Government travel restrictions and orders to defer repayments and lower interest rates on loans due to COVID-19 have reduced the ability of Myanmar’s microfinance companies to help rural people who desperately need capital.

Where does Myanmar’s fintech industry stand after its first decade?

Myanmar Ministry of Social Welfare, Relief and Resettlement, Department of Social Welfare and Livelihoods and Food Security Fund LIFT have announced funding of $9 million in COVID-19 cash support to mothers, pregnant women and social pension beneficiaries.