ZigWay (old)
Organization Details
We help low income families in Myanmar break free of debt traps.
We have created a mobile application (and full back office) that gives people direct access to cheap, flexible loans via their phones, changing the power dynamic between the poor and powerbrokers who exploit them. Our solution allows Myanmar’s economically vulnerable to obtain the loans they need, affordably and flexibly, and thus prevent them from falling into debt traps with loan sharks.
Our software enables formal lenders to provide Nano Loans at industry regulated prices, but with the convenience and flexibility of moneylenders. We dramatically reduce costs for formal lenders, thereby transforming the poor into cost-effective customers.
Our target borrowers are women aged 18-60 whose households earn up to three lakhs per month. Women usually assume primary responsibility for managing household finances, and suffer the severest consequences of debt traps.
Impact Story
Vision: To lift 20 million people out of poverty by 2030 by building a sustainable, scalable social enterprise.
Mission: To help low income families in Myanmar break free of debt traps
Objective: To build mobile technology that enables low income families access cheap loans, while also reducing costs for formal lenders (banks, microfinance institutions) to provide such loans