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Updated: Apr 29, 2022
Yangon, January 11, 2022
The Myanmar population has been thinly-served by financial services till very recently. According to the Financial Inclusion Roadmap prepared as part of the Making Access Possible (MAP) Myanmar Programme 2018, mobilizing savings is a key pillar. Another study in 2017 on Myanmar Financial and Payment Attitudes by VISA shows that most Myanmar people describe themselves as only slightly or fairly knowledgeable about managing finances. Over half of the survey respondents do not track spending at all, while a third say they maintain a log to track their expenditure.
Saving money has to become a habit, and taking the first step is always the hardest. For those who have never saved, it is vital to understand how a small reduction in present consumption can ensure that they have some money for future use on essentials.
Financial service providers, institutions and organizations included in the ecosystem can play a major role in cultivating saving habits, educating digital financial literacy and spreading awareness. The German Sparkassenstiftung for International Cooperation (DSIK) and ThitsaWorks have partnered up to strengthen digital financial literacy of people in Myanmar and to encourage the utilization of mobile technology to take control of personal finance with the Re21 mobile application.
Re21 is not just an ordinary budget planner. It acts as a financial coach who helps people form better financial habits so that they can have better financial resilience, stick to their budget and reach their financial goals.
Users can use Re21 to track spending habits, plan how much to spend each month, and set saving goals. They can also use the coach feature to enhance their digital financial literacy by following the 21-day challenges. Users who are ready to take the next step can find MFIs easily.
Antje Kinder, Country Representative/ Long Term Expert of DSIK, said “We are thrilled with the potential that Re21 mobile application brings to those who need access to financial services. We are excited to partner with ThitsaWorks whose mission is to improve the financial inclusion in Myanmar using digital financial services. We share a common goal.”
Nyi Nyein Aye, CEO of ThitsaWorks, said “As much as the mobile is the catalyst for digital transformation, we hope that the Re21 mobile application will be the catalyst for the people of Myanmar to form better financial habits and become financially resilient. We are grateful for the cooperation with the Deutsche Sparkassenstiftung für internationale Kooperation (DSIK) whose support has been crucial in building this mobile application.”
Digital technology helps boost financial inclusion and enables conditions that bring many of the United Nations Sustainable Development Goals (SDGs) within reach. We strongly believe that Re21 will help its users form better financial habits which in turn will contribute to SDGs with positive effects on marginalized groups.
The Re21 mobile application is available on Google Play Store to download for Android version mobile phones.
For more information about Re21, please contact hello@re21.io.
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About DSIK
The German Sparkassenstiftung for International Cooperation (DSIK) is the German development policy institution of the Sparkassen-Finanzgruppe. DSIK actively supports financial institutions that sustainably promote economic and social development through needs-based banking, with the aim of giving people in developing and emerging countries access to financial services and thus creating perspectives for a way out of poverty.
About ThitsaWorks
ThitsaWorks was founded with a belief that poverty can be solved; and that if the unbanked have access to capital, they’re more empowered, better able to retain the returns of their labor and rise out of poverty. ThitsaWorks uses technology as a tool to make that happen. ThitsaWorks is currently supporting 70 financial institutions to collect, manage and analyze data needed to run effective operations and to manage risks.
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