With the new partner organisation CARD Myanmar the number of MFIs incorporated in Sparkassenstiftung’s <link http: www.sparkassenstiftung.de en projects projekt regionalprojekt-zur-staerkung-des-mikrofinanznetzwerks-im-ehemaligen-indochina-und-myanmar _blank>regional project to strengthen the network of microfinance institutions in former Indochina and Myanmar has increased to five.
Long-term commitment of Sparkassenstiftung to professionalise the microfinance sector in Myanmar
Sparkassenstiftung has supported the setup and professionalization of microfinance institutions in former Indochina already since 2004. The cooperation started in Vietnam and five years later, project activities were spread to Laos and later on to Cambodia. In 2012, Sparkassenstiftung launched its project work in Myanmar.
Following the objective to further strengthen the network of microfinance institutions in former Indochina and Myanmar and create an organised exchange of experience in this region, Sparkassenstiftung has incorporated different preceding projects in Myanmar, Laos and Vietnam in a new regional project at the beginning of 2015. The focus lies on professionalising and sustainably strengthening the organisation structures of the now five partner institutions through an exchange of knowledge between the countries and MFIs involved. Low-income household in the region are promoted by getting the chance to access customized financial services on a long-term and sustainable basis.
New partners develop from long-term projects: The Sparkassenstiftung and CARD
About a year ago, Sparkassenstiftung’s new partner institution was founded by the Philippines-based Center for Agriculture and Rural Development Mutually Reinforcing Institutions (CARD MRI).
CARD and Sparkassenstiftung can draw upon a long history of cooperation: Way back in 1996, Sparkassenstiftung started to support <link http: www.sparkassenstiftung.de en projects projekt aufbau-der-card-sme-bank _blank>CARD on its path to develop from an informal organisation offering microfinance products into a professional and licensed microfinance institution. Today, CARD MRI is one of the largest microfinance organisations in Asia. CARD MRI does not only work as consultant by imparting its manifold experiences to the partner institutions of the regional project in Southeast Asia, but it has meanwhile set up own microfinance institutions, such as CARD Myanmar Co. Ltd.
CARD Myanmar: Microfinance provider with potential
Myanmar’s microfinance sector is still in the early stages of development. One of the biggest challenges in Myanmar is the lack of well trained staff in both the bodies governing and supervising the microfinance sector and in the financial institutions operating in the microfinance market.
CARD Myanmar Co. Ltd. shows a very dynamic development: It already serves some 1,500 customers and thus proves to be a strong partner to cater to the high, but yet untapped demand for microfinance services in Myanmar.
Contact partners:
Stephanie Hagemann / Carina Lau
Sparkassenstiftung für internationale Kooperation
Simrockstraße 4
53113 Bonn
Tel.: +49 228 9703-6620 / -6608
Fax: +49 228 9703-6613