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Easy Microfinance Announces Flexible Payment Solutions and Supports Institutions on the Front Lines
By: Easy Microfinance
"As a responsible Microfinance Institution, it is important for us to help in the fight against COVID-19 in Myanmar, whether through offering flexible payment solutions for clients whose businesses are affected by COVID-19, offering convenient and safe channels for repayment through Ongo, or supporting the institutions on the front lines," said Frank Snieders, Managing Director of Easy Microfinance. "These are challenging times, and we will continue to support the communities we serve during this crisis while also providing access to finance for small businesses, who are providing essential services."
Easy Microfinance donated five million kyat to national and regional government committees and hospitals to support the distribution of Personal Protective Equipment (PPE) and testing supplies to aid in the fight against COVID-19. The donations included one million kyat to the National-Level Central Committee on Prevention, Control and Treatment of COVID-19 in Nay Pyi Taw and an additional one million kyat each to the Mon State Government Anti-COVID 19 Committee and the Sagaing COVID-19 Committee. Easy Microfinance also donated one million kyat each worth of Personal Protective Equipment (PPE) units to two COVID-19 health centers in Yangon.
Easy Microfinance also continues to support clients with new loans during the pandemic and Ongo will ensure clients can conveniently and safely repay their loans. Since the pandemic first came to Myanmar in March, Easy Microfinance has disbursed more than 55 thousand loans for a total of more than 30 billion kyat, and more than 40 thousand loan repayments were done through the Ongo channel for a volume of more than 3.5 billion kyat.
"At Meridian Capital, we are invested in serving communities in Myanmar for the long term by building capabilities and developing plans to improve access to capital and financial wellbeing," said Askar Alshinbayev, Principal and Founding Partner of Meridian Capital Limited, a primary and founding shareholder in Easy Microfinance. The pursuit of this mission includes supporting the resilience of small business owners during the COVID-19 crisis and increasing access to financial services in the country through the introduction of digital channels. The financial impact of lockdown and COVID-19 has been substantial, however an even more digitized economy has emerged where the new collaboration with Ongo will provide an easy and convenient repayment method which is in line with what we have developed with Easy Microfinance."
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