VisionFund Myanmar brings microfinance services to communities in upland areas
Lashio, MAY 30th 2017: People living in Lashio, in northern Shan State, have improved access to responsible microfinance thanks to a partnership between VisionFund Myanmar and the Livelihoods and Food Security Trust Fund (LIFT).
VisionFund Myanmar opened a branch in Lashio in April 2016 that now serves more than 2,470 borrowers. The branch was officially opened by representatives from VisionFund, LIFT, the state Financial Regulatory Department and Lashio township authorities during a ceremony on May 30. VisionFund’s Lashio branch is part of a project funded by the Livelihoods and Food Security Trust Fund (LIFT) that increases access to affordable and sustainable financial services in four upland states of Myanmar.
VisionFund focuses on serving rural areas that are financially-underserved and bringing about positive change in communities and families living in poverty. The microfinance institution has opened seven branches with LIFT funding in Kachin, Kayah and Karen States, and northern and eastern Shan State.
“VisionFund seeks to lift people out of poverty by providing microfinance to improve small businesses. With the right support, entrepreneurial families have the potential to not just help themselves but benefit their entire community,” says Rommel Caringal, Chief Executive Officer of VisionFund Myanmar. “We are already making great progress in serving the people of Lashio and look forward to doing more in helping unlock the economic potential in the area."
LIFT Fund Director Andrew Kirkwood said the enormous gap in the supply and access to financial services remained one of Myanmar’s most pressing development challenges.
“Access to responsible credit empowers low-income segments of society by enabling them to build businesses and use the skills they have to generate incomes for themselves and their families. The entrepreneurial spirit of the people of Myanmar, coupled with the opportunity to access affordable finance plays a big role in changing economic prospects for families,” Mr Kirkwood said.
The VisionFund-LIFT partnership has also resulted in the introduction of three new and innovative loan products: a debt refinancing loan, a loan for small scale agricultural technology and a credit-line for agricultural and small businesses, currently being piloted across the country.
VisionFund's focus is to provide quality financial services to vulnerable communities with a special focus on empowering women. As a subsidiary of World Vision, the MFI’s vision is to ensure the wellbeing of children in poor communities through its microfinance work.
“It is our intention to expand our operations to meet the needs of the most vulnerable families and communities. We will look to empower more women through this process and thereby ensure children are better cared for and protected,” Says Suresh Bartlett, National Director of World Vision Myanmar.
Download the press release in PDF (EN, MM).
LIFT funds World Vision/VisionFund Myanmar to improve access to finance for communities in rural upland townships through the Financial Inclusion for Uplands project. The project focuses on providing innovative financial services like credit and saving opportunities for people working in agriculture and off-farm businesses. See our brochure for updated results.
