Hana’s underserved, unbanked loan recipients now have access to Ongo E-Money’s digital services in selected pilot locations in Myanmar, making repayments much easier for hard-working borrowers.
YANGON, Myanmar – 5th September 2019 – Hana Microfinance Limited (HMF), one of the country’s oldest and largest microfinance institution, and Ongo, the market-leading business-to-business (B2B) digital payment service in Myanmar, partner to provide thousands of HMF borrowers across the country a simple solution to repay their loans, through Ongo’s mobile app or with an Ongo QR code at any Ongo Agent.
A subsidiary company of Hana Financial Group, one of the largest bank-holding companies in South Korea, HMF was founded in 2013 and provides loans not only for financial return but also to create the social value to the communities. With more than 900 employees in 13 States and Divisions in the country, HMF provides group and individual loans to small businesses and individuals who lack access to traditional banking services. According to the Payments Journal, 74% of Myanmar citizens lack an account at financial institutions.
HMF aims to increase greater impact on the communities and expand operation toward underprivileged remote areas through efficient and innovative operations with advanced technology. In partnership with Ongo, HMF is now able to provide its borrowers effective, easy-to-use, digital solutions for their recurring loan repayments throughout the country.
“I am so excited and proud to offer digital solutions to our clients which will give them better customer experience than before,” said Michael Lee, President & CEO of Hana Microfinance. “This partnership will allow our clients to take advantage of relevant technologies that make it simpler and less time-consuming to make loan repayments,” says Lee.
“Ongo is thrilled to support HMF in their effort to increase market share by providing financial services for their broad range of clients. As mobile growth throughout the country continues to increase rapidly, there is a great opportunity to utilize our mobile devices and services to help busy borrowers repay their loans more efficiently,” said Allen Gilstrap, Ongo CEO.
Once the digital service with Ongo commences, HMF clients can easily repay their loans at any Ongo agent location or simply with the Ongo smartphone app themselves. As all Ongo mobile wallet accounts are monitored and regulated by the Central Bank of Myanmar under the Mobile Banking License (MBL) directive through Myanmar Oriental Bank (MOB), customers can get the security of a bank regulated account without ever having to visit a bank branch.
For more information on Hana Microfinance, please visit the company’s official website at www.hanamyanmar.com or www.facebook.com/hanamicrofinance. For more information on the Ongo/Hana Microfinance digitized payment system partnership or Ongo’s other innovative digital payment services, please visit the company’s official website at ongo.com.mm or Facebook account at www.facebook.com/ongoemoney, e-mail info@ongo.asia or call 09-450888996-7, 09-444450816-8.
