ZigWay, Yangon, Myanmar

ZigWay has created a mobile platform that enables poor families to obtain affordable Nano Loans via their phones. Its nano loans help the economically vulnerable bridge income gaps and are small, flexible and short-term at a fraction of the cost of alternate moneylenders.

 

Based on their research, ZigWay intend to target women aged 18-60; this is because they have experienced that women not only assume primary responsibility for managing household finances, but also suffer the severest consequences of debt traps. The social enterprise has been undertaking small scale pilots in the outskirts of Yangon, and is targeting a widespread launch in early 2019. The aim of the launch is to offer nano loans (between $5-$200) via ZigWay's mobile app to people in both Yangon and rural areas in conjunction with its major banking and NGO partners.

 

They are looking to launch a new pay-be-instalment product. ZigWay has undertaken some market research to identify the types of goods that low income families would like to purchase in larger quantities in order to benefit from discounted prices, as well as services (such as healthcare) they would like to access. Ordinarily, poor families would either do without, or borrow from expensive informal moneylenders to meet these needs. They are seeking the support of a volunteer in supporting them in the research, development and implementation of this new product.

 

For more information, visit their website.