The Myanmar Microfinance Association (MMFA), a national association of microfinance practitioners and stakeholders dedicated to promoting financial inclusion, and ThitsaWorks, have recently formalized their collaboration through a Memorandum of Understanding (MOU). This partnership aims to empower the microfinance industry in Myanmar by offering extensive training, capacity development programs, and cultivating a digital learning environment within the sector.
ThitsaWorks, with the support of the German Sparkassenstiftung for International Cooperation (DSIK), developed the Money Management Academy (MMA) online learning platform in 2022. Aligned with their shared mission of empowering financial inclusion, MMA provides comprehensive training to professionals, entrepreneurs, and individuals interested in the financial sector, regardless of their prior expertise. The platform offers a wide range of courses, including professional certificate programs and general knowledge courses in microfinance, banking, investment, and insurance. As an education hub, MMA equips both the supply and demand side of the sector with valuable skills and knowledge, effectively bridging the knowledge gap in the financial industry.
The microfinance sector in Myanmar has encountered unparalleled difficulties due to the COVID-19 pandemic and the subsequent economic instability. Movement restrictions and limited financial access have hindered the ability of microfinance institutions (MFIs) to effectively serve their vulnerable clients. To overcome these obstacles, MFIs need support in adopting innovative financial technologies, promoting digital financial literacy, and implementing comprehensive capacity-building initiatives. These measures are essential to enhance the resilience and operational efficiency of MFIs, enabling them to navigate through the current crisis successfully.
Recognizing the increasing importance of skills enhancement and capacity development in the evolving financial landscape, MMFA and ThitsaWorks are committed to advancing the microfinance industry by utilizing advanced technology. This partnership will center around the development and implementation of online training courses and programs that will be available on the Money Management Academy Platform.
Antje Kinder, Senior Financial Expert at DSIK, explained “A newsletter from the MMFA was the impetus for DSIK and ThitsaWorks to collaborate on the MMA. For this reason, we are very excited about the Memorandum of Understanding between MMFA and ThitsaWorks on the Money Management Academy. The MMA provides great leverage for financial education for financial professionals, as well as for anyone interested in improving their money management knowledge and skills.”
German Sparkassenstiftung is honored to support fostering positive transformation and facilitating sustainable development in Myanmar's microfinance sector.