Mother Finance, NearMe collaborate to expand fintech reach in Myanmar

Mother Finance Co Ltd and NearMe Digital Services on February 28 signed a collaboration agreement to provide credit to NearMe’s agent and partner network.

Mother Finance, a licensed non-bank financial institution which provides small loans to customers via a mobile app, will be providing unsecured SME loans to NearMe.

NearMe currently has over 50,000 partner stores nationwide. The maximum amount that can be borrowed is K500 lakh, said Daw Theta Aye, CEO of Mother Finance.

U Linn Htike Aung, managing director of NearMe, said “SMEs contribute a lot to the economy and this is an excellent way to help them grow quickly by making use of the latest digital technology.”

NearMe is a mobile application which enables users to make a variety of payments and purchases such as taxes and public utilities as well as flight tickets, bus tickets and over 70 other products.

Users typically pay by cash at the nearest convenience stores and other NearMe agents and partners.

For Mother Finance, the deal represents an opportunity to expand its loan offerings to NearMe’s SME network and collect valuable transaction data from its agents and partners.

“We have been offering collateral-free digital loans to individual, both employed and self-employed as well as SMEs on our mobile app platform. We have provided our services to customers in every state and division within Myanmar. Expanding our offering to NearMe will facilitate us with collecting transaction data of agents and partners within their network,” said Daw Theta Aye.

Currently, customers of Mother Finance can repay their loan through a total of more than 50,000 NearMe partner shops including City Express, Oasis, Denko Mini Mart, Lugyimin and eCity Phone outlets.

Mother Finance introduced Myanmar’s first-ever mobile app-based digital lending platform in July 2018. Since then, it has served over 60,000 registered users and has disbursed more than K3 billion.

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Source : Myanmar Times

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