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6) MICROFINANCING & REMITTANCE

Institutional microfinance got its start in Myanmar in the middle of 2017 by providing small loans to poor people. When evaluation showed that borrowers reliably repaid their loans and that microloans helped improve incomes and living standard, microfinance institution will be multiplied around the country in future.

Poor people, just like everyone else, need to borrow save and transfer money, but in developing countries, millions still lack access to affordable and reliable financial services. If they cannot borrow from family, poor people usually have no choice but high priced and unforgiving many lenders.

Microfinance enable farmers and micro business owners to earn more from their enterprises and with their greater earnings, micro borrowers can provide theirs families with better housing, better health care, better transportation and more years of schooling for their children. Development of living standard in Myanmar has been guided by both micro-economy and sectoral policies.

Small loans widen horizons for the poor. Omnitech Company Limited providing loan with a community group's microfinance programme in Tavoy, Tanessarien region division, Myanmar. Microfinance is a type of lending that targets low-income individuals who may find it difficult to borrow from regular banks because they lack collateral or a credit history since October 2017. Omnitech Company Limited have given small loans to poor people especially women and those in the informal sector, to meet basic needs or to start up or expand business. Rural people sell processed local products such as fruits, vegetables, handicrafts, with just a little credit, poor producers can expand their business and incomes. The demand has also grown tremendously far beyond.