Advans MFI Myanmar Company Limited
- Active: Active
- Region: Asia & Pacific
- Country: Myanmar
- Sector: Microfinance
- Year: 2015
- Domicile: Myanmar
- Instrument: Equity
- Commitment (MNOK) as of 30.09.2018: 9.7
- Original Commitment (MNOK): 9.7
Advans MFI Myanmar is a microfinance institution with focus on rural financing in Myanmar.
Norfund has been actively developing investment opportunities in Myanmar since microfinance was legalized in 2011. As the microfinance sector was in a start-up phase, there was limited experience and knowledge locally.
In October 2012, Norfund and Advans – a Luxembourg domiciled investment company specializing in creating and developing microfinance institutions (MFIs) in developing countries – agreed to collaboratively develop a greenfield microfinance institution in Myanmar, Advans MFI Myanmar. Today, Advans is the majority shareholder, holding 50% of the share capital, with Norfund holding 40% and Amret holding 10%.
Advans MFI Myanmar will contribute to increased access to finance for unbanked people and MSMEs in the country. It will also contribute to developing the local financial markets.
Myanmar is one of Norfund’s priority countries, and our main ambition is to develop financial services in the country. Myanmar has a population of around 54 million whereof 66% live in rural areas. Only 26% of adults have an account at a formal financial institution (Global FINDEX Report 2017). The Microfinance Law of 2011 has boosted the expansion of microfinance services in the country, with several new local and foreign players investing in the Myanmar microfinance sector in recent years. An experienced actor such as Advans MFI Myanmar will help to positively influence the direction and development of the Microfinance industry.