In providing simple and effective lending products, Advans aims to accelerate financial inclusion in Myanmar
Advans Myanmar was incorporated in 2015 and is the tenth affiliate of the Advans group. The MFI received a temporary licence to operate from the Microfinance Supervisory Committee of the Ministry of Finance of the Republic of the Union of Myanmar in October 2016 and launched operations in April 2017.
Headquartered in the city of Mandalay, Advans Myanmar will launch a network of provincial hubs and points of sale in the Mandalay and Sagaing regions of the country. The MFI’s core business will be offering village banking to clients in rural areas. It will also offer small group lending products and individual loans in urban areas. In providing easily accessible financial services to clients with ill-adapted, limited or no access to formal financial services in Myanmar, Advans Myanmar hopes to stimulate economic and social growth in the country.
The MFI was founded by Advans SA, Norfund, the Norwegian development bank, and Amret, a Cambodian MFI which is also an affiliate of the Advans Group. Advans SA is majority shareholder, holding 50% of the share capital, with Norfund holding 40% and Amret holding 10%. Advans tenth institution is unique in that it will have regional partnership with Amret, the largest MFI in the Advans Group and one of the leading MFIs in Cambodia. The Advans group will provide technical assistance to the new greenfield, with Amret acting as secondary technical partner.