Mother Finance set to transform credit access in Myanmar

Access to credit will no longer be a problem for Myanmar people thanks to an innovative consumer lending application which allows anyone with a smartphone to easily apply for a loan regardless of their financial records, according to Theta Aye, founder and chief executive of Mother Finance Co.

“Our goal is to serve unbanked customers who are unable to access formal financial services such as credit, savings and deposits and who rely mostly on friends and informal lenders,” she said in an exclusive interview. “The market here is massive, and the demand for credit is so huge. The segments of banks are primarily like upper income and middle-class people. So, we try to tackle this market where we can serve the bottom part of the pyramid.” She said local banks have little appetite or the expertise or infrastructure, partially due to regulatory restrictions of interest rates, to service the needs of the bottom-half of the pyramid, which happens to be the majority of the adult population in Myanmar.

Source: The Nation

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