The workshop is filled slowly, as the trainees discuss the weekend, the weather and the lockdown measures currently affecting Myanmar’s Yangon District. The workshop, the first day of what is set up to be a groundbreaking project, will see these participants become competent in the operation and maintenance of Cufa’s new DigiCUD program. They are Cufa’s Myanmar staff members, with prior experience in our Credit Union Development Program.
We mentioned in the last newsletter about how Thura, one of Cufa’s existing CUD members interacts with his local credit union, now we are progressing to project implementation, with training commencing designed to take our staff through everything on the BanQin mobile application. This sophisticated and secure application was designed in house by BanQin, a sister company to Bank-Genie, a South East Asia focused telecommunications company. Their expertise in the South East Asian area has meant that they are keenly aware of the context and conditions that are unique to the region. BanQin’s company mission is to improve the lives of the vulnerable and disadvantaged by enabling, through mobile banking initiatives, social mobility, poverty reduction and access to banking for those who do not already have their own bank accounts. In a recent interview with NextGen Core Banking Solutions, Dr Peter Mason, Cufa’s CEO, details how for several years, Cufa has been looking for a mobile banking solution, and it was not until now, that Cufa has been confident with a product.
Now, even though Cufa and Bank Genie share common goals, what does it actually mean for Thura, and more importantly the Rural Burmese who remain unable to access vital banking and financial services? What it delivers for our current and future credit union members is a complete mobile banking service, enabling them to complete transactions, with sophisticated security system, whilst also enabling features like credit scoring to enable further financial services. Each credit union offers their own financial loan and savings products, tailored to their community needs, all available on phones that can be purchased at an affordable price.
For the members of our credit unions in Myanmar, the ability to see their bank balance grow in their hands with the training that Cufa provides enables them to watch their savings grow in their hands, or request a loan application far away from their home.