Myanmar: Hayman Microfinance, Ongo Launch Digital Loan Repayment Service
Hayman Capital (Microfinance) Company Limited, a licensed deposit-taking microfinance institution (MFI) in Myanmar, recently partnered with Ongo, a local digital payment service provider, to launch an electronic loan repayment system for its 110,000 customers, of whom 70 percent reside in rural areas and 77 percent are women.
The service allows clients to repay their loans via Ongo agents or through the Ongo smartphone application. This app, which functions in partnership with Myanmar Oriental Bank, is regulated under the mobile banking license directive of the Central Bank of Myanmar. Hayman Microfinance is a fully-owned subsidiary of Hayman Capital Private Limited, a Singapore-based investment and financial holding group.