ThitsaWorks begins Mifos training in Myanmar

The following is a guest post from May Thu Myint, Communications Officer of ThitsaWorks, Inc.

On January 26th, ThitsaWorks began a 2-day Mifos training session for 2 local MFIs. The training was conducted by the team at Conflux Technologies from India. The attendees were taken step-by-step through Mifos’ core functions and capabilities.

Day 1 covered client management, products and organization management. Day 2 focused on all aspects of accounting.

 

Many MFIs in Myanmar still rely on software such as Excel to manage their portfolios, due to lack of funds or lack software and technical support. Some do not use computers at all, relying on paperwork instead.

Win Htet Maung Maung, the managing director of Unique Quality Microfinance, attended the training with some of his senior staff members. Founded in 2013, Unique Quality provides microfinance loans in 6 different townships in Yangon and currently has over 10,000 active clients.

“Now that we have the infrastructure to support technology like this, I have very high hopes for the microfinance sector in Myanmar.” he said. “A system like this will be good not just for MFIs, but also for clients and the quality service we can provide to them. Approval processes will become less time consuming, meaning clients can get loans faster.”

Who we are: ThitsaWorks provides financial technology solutions for microfinance institutions in Myanmar. As Mifos’ first ever partner in Myanmar, ThitsaWorks is dedicated to making basic financial services available to all and empowering people to rise out of poverty and that technology is a key tool in making this happen. With Mifos X, we can help MFIs in Myanmar grow and reach out to the unbanked population. We believe that financial inclusion can put an end to poverty.