Blog

Introduction

LB Microfinance Myanmar is a subsidiary of the well-established LB Finance PLC, which was founded in 1971 in Sri Lanka. With a goal to become a prominent financial institution in Myanmar, LB Microfinance Myanmar was established in December 2017. The company is headquartered in Pyay township and has a network of branches and service centers across the country. The company is licensed by Financial Regulatory Department (FRD) of Myanmar and is a member of the Myanmar Microfinance Association.

Early Beginnings & Growth

The strategic decision to open the first branch in Pyay Township was made with the goal of expanding our presence and reaching a wider customer base in the Bago region. The Bago region is one of the most significant economic regions in Myanmar, and Pyay Township is a major commercial and transportation hub within the region. By opening a branch in this strategic location, LB Finance Myanmar aimed to tap into the economic potential of the region and provide its financial solutions and services to the local community.

As of April 2023, LB Microfinance Myanmar operates 15 branches located in different regions of Myanmar, including major regions such as Bago, Magway, and Ayeyarwady.These branches serve as key points of access for customers to avail the company's financial solutions and services. The company's distribution of branches in various regions not only reflects its commitment to expanding its reach and catering to the financial needs of customers in different areas but also aligns with its long-term vision of becoming a leading financial institution in Myanmar. Our branch network is an essential part of the strategy to serve customers more efficiently and effectively. By having a presence in different regions of the country, LB Microfinance Myanmar is able to offer a wide range of financial services to customers from different walks of life, including individuals, small and medium-sized enterprises, and large corporations. .

 Technology & Innovation

All Major IT Functions of LB Microfinance Myanmar are centrally handled from LB Finance PLC as the parent company. The company is highly invested on new technologies and implementing the best security for the customers. Moreover, LB Microfinance Myanmar has ensured that its IT infrastructure is robust and secure, with stringent measures in place to protect the sensitive information of its clients.

Similar to the parent company, LB Microfinance Myanmar uses banking applications & systems to provide reliable and secure financial services to its clients. The system streamlines financial processes, improves accuracy, and reduces the risk of errors, enabling LB Microfinance Myanmar to maintain accurate financial records and ensure compliance with regulatory requirements.

Social-Environmental Responsibilities

LB Microfinance Myanmar's commitment to social responsibility is reflected in its foundation's support for various social and environmental initiatives, including education, health, and community development projects. The microfinance offerings cater to the informal sector, providing access to credit for small business owners and farmers. LB Microfinance Myanmar also operates in a responsible and sustainable manner, ensuring that its operations have a positive impact on the environment and society.

As a responsible organization, LB Microfinance Myanmar recognizes the importance of empowering local communities by providing employment opportunities. With a staff of 150 employees, the majority being locals, LB Microfinance Myanmar is committed to contributing to the social and economic development of Myanmar. By prioritizing the hiring of locals, the organization is investing in the local workforce and helping to build a sustainable future for the country.

LB Microfinance Myanmar is deeply committed to supporting its clients amidst the COVID-19 pandemic by offering loan restructuring, emergency loans, and financial education and providing food rations to help them cope with the economic fallout. Through this range of initiatives, LB Microfinance Myanmar is working tirelessly to ensure that families can navigate these challenging times and come out stronger on the other side.

Ensuring Accountability and Transparency

As an established financial institution, we ensures that our operations comply with all applicable laws and regulations. The company also conducts regular internal and external audits to ensure the accuracy and integrity of its financial statements and processes. LB Microfinance Myanmar's audit and assurance processes are essential in maintaining the trust and confidence of its customers, shareholders, and stakeholders.

Epilogue

In conclusion, LB Microfinance Myanmar is a reputed financial institution in Myanmar, offering innovative financial solutions to individuals and businesses. We attribute our growth and success in the competitive financial services industry in Myanmar through our focus on technology, social responsibility, and sustainability. Our commitment to excellence and customer satisfaction has positioned us to continue our growth in the financial services sector in Myanmar. With the potential for economic growth in Myanmar, LB Microfinance is well-positioned to capitalize on the opportunities presented by this growth and to continue to expand its operations in the coming years.