Financial Inclusion

• First Making Access to Finance Possible (MAP) program has been implemented under the UNDP normal country program in 2014. Based on the MAP findings, we have developed Myanmar Financial Inclusion Roadmap (2014-2020) and Queen Maxima of Netherland, Special Advocate for UN Secretary General for Financial Inclusion has attended Myanmar Financial Inclusion Roadmap Launching Ceremony on 1st April of 2014.
• Three Sub- Working Groups of Bank, Non Bank and Policy,have been implementing Financial Inclusion Roadmap Strategic Action Plans. For effective implementation of Financial Inclusion Roadmap, Inter-Ministerial Steering Committee has been established chaired by Deputy Minister of Ministry of Planning and Finance.
• Myanmar Financial Inclusion Level in 2014 is 30% in accordance with Making Access to Finance Possible Survey conducted by UNDP-UNCDF. The target of the Financial Inclusion Roadmap is to raise Myanmar financial inclusion level 30% in 2014 to 40% in 2020 and adults with more than one product from 6% in 2014 to 15% in 2020.
• Myanmar is also striving to have higher readiness for Financial Inclusion infrastrature in cooperation with Government Agencies, Development Partners, Stakeholders and Investors. Ministry of Planning and Finance was able to hold National Financial Inclusion Forum supported by United Nation Capital Development Fund (UNCDF) and DaNa Facility in March 13, 2018, in Nay Pyi Taw.
• The Focus Areas for Financial Inclusion are agricultural sector financing, MSME Financing and Low income Segment Financing. In this regard, Myanmar is cooperating and collaborating with relevant Government Agencies, Development Partners including World Bank, IMF, ADB, UNDP and UNCDF, donors and private sectors that involved in Financial Sector. Among the Financial Inclusion Roadmap Implementations, restructuring of State Own Banks and Liberalization of Insurance Sector are some of them.
• Myanmar IT Sector has been developing very significantly since 2015. We have seen very high smart phone penetration of 85% of total population in 2016 that can contribute to rapid expansion of Financial Inclusion. Now we were implementing Second MAP Refresh Survey in coordination with

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UNCDF and DaNaFacility. This MAPR efresh Survey can show true picture of Myanmar Financial Inclusion Level in Myanmar. We have positive view on this survey.

• Myanmar Survey Research under the leadership of FinMark Trust that bases in Southern Africa carried out MAP refresh survey in (298) townships since January, 2018. Now, this survey is finished so we can know the true picture of financial inclusion. Moreover, we will find out the most important strategies among Myanmar Financial Inclusion Strategies for the development of financial sector.
• Microfinance Business Supervisory Committee (MBSC) has permitted to provide individual loans to Micro and Small Enterprises, Housing Loan and Agricultural Equipment Financing (Hire Purchase). Moreover, Seasonal Loans will be disbursed by MADB.
• Formation of Digital Financial Services Working Group will be realized in collaboration with Central Bank of Myanmar. Regarding the reform of State Owned Banks, Ministry of Planning and Finance has been undertaking in combination with relevant Bankers, other respective organi- zations and World Bank.
• Myanma Microfinance Business Law was enacted on 30th November, 2011 and (16) Microfinance Directives have been issued for Microfinance Institutions. Microfinance Institutions have been permitted to increase loan size from 5 million to 10 million MMK for Micro, Small and Medium Enterprises to access financing easily.
• Microfinance Business Supervisory Committee (MBSC) has issued necessary rules and regulations to improve the capabilities of Microfinance Institutions. In FY2017-2018, MBSC has issued (2) Directives for financial and operational soundness of Microfinance Institutions (MFIs). By the support of these directives, MFIs can tap foreign funding sources, accept more voluntary saving, issue client protection principles for MFIs and increase maximum loan size to support finance for Micro, Small and Medium Enterprises.

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