Yangon, 16 May 2016: PACT Global Microfinance Fund (PGMF) signed an agreement with Southtech Limited today to automate its entire microfinance operations with Southtech Ascend Banking.
PGMF was founded in February 2012 as an outgrowth of PACT’s 17 years of microfinance operations in Myanmar with a loan portfolio close to USD 149 million. PGMF today manages over 84% of the NGO provided microfinance in Myanmar. Since 1997, PGMF’s microfinance operations have reached 1,058,078 individuals, over 98 percent of whom are women, in 10,442 villages from 64 townships.
Southtech Ascend Banking is an award winning and internationally acclaimed Banking and Microfinance Management software. PGMF becomes the second MFI to opt for Southtech Ascend Banking in Myanmar.
Southtech Group currently comprises of five sister concerns across four countries – Southtech Inc., USA, Southtech Solutions Limited, UK, Southtech Limited, Bangladesh, Southtech Systems Limited, Bangladesh, and Southtech (Bhutan) Private Limited, Bhutan.
PGMF’s President and COO, Mr. 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.”
“This is a very exciting day for Southtech Group as we now hold a unique distinction of being the software solution implementers of the largest microfinance operators in Myanmar. With our track record of 100% project implementation success rate, we are confident that this implementation project will take place smoothly and efficiently”, said Southtech’s Managing Director and CEO, Syed Quader.
Mr. Bijan Bishi, Managing Director of Trust Technologies Limited and country representative of the Southtech Group in Myanmar said, “We are delighted with this agreement. We are confident that we shall be able to offer many more solutions across many other industries within Myanmar, a country with a promising future.”