Economic Reporter :
PACT Global Microfinance Fund (PGMF), one of the largest microfinance institutions of Myanmar, signed an agreement with Southtech Limited of Bangladesh to automate its entire microfinance operations with Southtech Ascend Banking.
PGMF’s President and Chief Operating Officer Fahmid K Bhuiya and Southtech’s Managing Director and CEO Syed Mamnun Quader signed the agreement on behalf of their respective sides at a ceremony at a hotel in Myanmar capital Yangon on Monday.
PGMF is currently serving more than 640,000 households – 99 percent of them women – in more than 9,000 villages. PGMF now manages over 84% of the NGO provided microfinance in Myanmar.
Southtech Ascend Banking is an award winning and internationally acclaimed Banking and Microfinance Management software.
PGMF’s President Fahmid K Bhuiya said, “As the largest microfinance organization in Myanmar, we believe that automation is essential for us to move forward. We expect that introducing Ascend Banking in PGMF will increase our operational efficiency by at least 30% and improve transparency significantly. With this in mind we are initiating this project and we hope to continue to grow our operations and maintain our position as the largest microfinance organization in Myanmar.”
