Start-up takes on moneylenders with short-term microfinance loan options – MyanmarTimes
The problem
More than half of low-income families in urban Myanmar rely on informal money lending to smooth their irregular daily incomes. With usurious interest rates and difficult repayment conditions, families who initially borrowed small amounts to cover basic daily expenses, like food or a doctor visit, end up trapped in debt.
No solution yet?
Microfinance institutions have explored the issue, but labour intensive processes, unfavourable regulation and tech landscape have prevented them from providing the right answer to the problem.
What we do
At ZigWay, we are building a mobile technology platform to help low-income families access NanoLoans, quick, cheap and flexible loans to cover their daily needs.
