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.
Ongo CEO Allen Gilstrap said, “As Myanmar becomes more connected through digital technology, it is important for businesses to innovate and provide more effective services and products to their customers. At Ongo, we are proud to serve Hayman and their borrowers through our user-friendly, efficient e-Money application and network that not only allows for the repayment of loans, but other time-saving services such as person-to-person transfers, airtime top-up, bill payments and more.”
Hayman Microfinance has 120,000 active clients, including individuals, group borrowers, and small and medium-sized enterprises. It holds total assets of USD 23 million, a loan portfolio of USD 20 million and USD 2.7 million in client deposits. The MFI was founded in 2014 and has 19 branches in the Ayeyarwaddy, Bago, Mandalay and Yangon regions of Myanmar. It is in the process of expanding into the Nay Pyi Taw, Magway, and Sagaing regions.
Founded in 2008, Ongo operates in 73 cities in Myanmar with approximately 1,900 agents serving 140 corporate clients, 26,000 merchants and 750,000 consumers. Ongo is the brand name of Ronoc Myanmar Limited, a subsidiary of Ireland-based investment and advisory services firm Ronoc. Ronoc Myanmar Limited was established in 2013 to “develop networks and evaluate investment opportunities” in Asia. Financial data on the firm are unavailable.
By Anna Gravois, Research Associate
Sources and Additional Resources
Data provided directly to MicroCapital by Hayman Microfinance
Hayman Microfinance press release on Ongo
https://www.hayman-capital.com.mm/index.php/news-home/144-ongo-e-money-service-brings-convenience-to-hayman-loan-borrowers
Hayman Microfinance webpage
https://www.hayman-capital.com/myanmar.html
Hayman Capital Private Limited homepage
https://www.hayman-capital.com
Ongo homepage
https://ongo.com.mm/
Ronoc homepage
http://www.ronoc.ie/
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