Advans MFI Myanmar Company Limited
- Region: Asia & Pacific
- Country: Myanmar
- Sector: Microfinance
- Year: 2015
- Domicile: Myanmar
- Instrument: Equity
- Commitment (MNOK) as of 22.12.2017: 9.7
- Original Commitment (MNOK): 9.7
This is a a greenfield MFI investment in Myanmar by Norfund together with Advans SA SICAR, a Luxembourg domiciled investment company specialising in creating and developing Microfinance Institutions in the developing countries. It is expected that Advans Myanmar will commence operation by April 2017.
Advans MFI Myanmar, incorporated in 2015, was founded by Advans SA, Norfund and Amret. Advans SA is majority shareholder, holding 50% of the share capital, with Norfund holding 40% and Amret holding 10%.
Myanmar has a population of around 54 million, with 66% of inhabitants living in rural areas, its 2016 real GDP growth was 7% (World Bank Data). In terms of financial inclusion, the 2014 Global FINDEX Report found that only 23% of adults in Myanmar declared to have an account at a formal institution with only 17% of women and 16% of the poorest people having an account.
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. 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.