French NGO Gret recently consolidated its two microfinance institutions in Myanmar under a single entity called Thitsar Ooyin, which can be translated as “garden of loyalty.” Gret Microfinance Programme Manager Guillaume Lepoutre said, “The creation of a dedicated entity…provides access to new financial…resources.”
Thitsar Ooyin offers group and individual loans from eight branches in Chin State and the Dry Zone. It has 80 employees and primarily finances agriculture, trade and livestock activities.
Gret is the majority shareholder in Thitsar Ooyin, which has also benefited from financial support from the UN-managed Livelihoods and Food Security Trust Fund (LIFT), which finances 42 institutions serving 1 million households in Myanmar as of 2016.
Gret, which began offering microcredit in Myanmar in 1995, offers health, citizenship, microfinance and other services in 28 countries. It has a budget of EUR 28 million (USD 34 million).
Sources and additional resources
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
- MICROCAPITAL BRIEF: Advans Myanmar Disburses First Group Microfinance Loan from Branch in Amarapura
- MICROCAPITAL BRIEF: Central Bank of Myanmar Clears the Air by Issuing Mobile Financial Services License for OK Dollar
- MICROCAPITAL BRIEF: Acleda Bank of Cambodia Launches Unity ToanChet Digital Wallet
- MICROCAPITAL BRIEF: BlueOrchard Loans $4m to VisionFund Myanmar to Expand Microfinance
- MICROCAPITAL BRIEF: Myanmar Finance International Borrows $2m from Maybank, Symbiotics for Microfinance