Improving Digital Financial Literacy Among Our Clients

Since the liberalization of the mobile sector in 2013, Myanmar has experienced a dramatic increase in SIM penetration (114%ⁱ ) and internet penetration (35%ⁱⁱ ). Use of the internet or social media platforms has become part of the daily life of ordinally people for the last several years. The growth of the mobile sector has given a rise to various types of digital technologies for businesses such as digital finance including mobile money as an alternative repayment system. Myanmar offers promising opportunities for leveraging mobile technology to expand financial services to the unbanked, especially in rural and remote areas in a cost-effective manner.

Every opportunity has advantages and disadvantages. As access to digital technology increases, we also need to be aware of digital financial risks such as cyberattacks, online frauds and thief, and other threats, when making the effective use of financial technologies.

Digital financial literacy (DFL) is about the knowledge, skills, confidence and competencies to safely use digitally delivered financial products and services in order to make smart financial decisions. To contribute to the improvement of literacy and capability among our clients, we will partner with ThitsaWorks to provide DFL training. As a part of Ready Set Go Digital project funded by USAID’s (U.S. Agency for International Development), DFL trainings have been developed and delivered by ThitsaWorks in order to enhance the knowledge of DFL and safely adopt digital financial services among MFIs and their clients – mostly women-operated micro/small/medium enterprises.

We are excited to work with ThitsaWorks to deliver the DFL training from 2023 in order to improve both digital and financial literacies to grassroots level citizens of Myanmar who need to be financially included.

Through the DFL program, we hope that our clients can safely and effectively utilise digital financial tools and applications such as mobile wallet and internet banking, which will make their access to financial services easier and avoid potential digital financial risks and frauds, while improving our internal efficiencies.

Make your life easier with digital financial products!

About ASG Bancorp Microfinance Limited

ASG Bancorp Microfinance Limited (ASGB), as part of the Asia Sustainability Group, was founded in 2016, provide individuals and entrepreneurs in Myanmar with useful and affordable financial services that meet their needs in the way they need and when they need. Our vision is to become the most efficient and innovative microfinance institution in Myanmar and provide the best service, most flexibility and most client-orientated financial services.

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