MBF will use the proceeds for its business expansion plans including opening new branches, renovation and introducing new financial products.
“AGD plans to continuously support other MFIs and NBFIs as part of the Bank’s initiatives to promote financial inclusion in Myanmar,” as announced by AGD Bank.
Established in 2013, MBF was founded by CEO Myo San and the company has since provided credit facilities and services to over 30,000 customers in the informal and micro, small and medium enterprises.
MBF has got a head office in Sanchaung township, a branch in Thingangyun and recently opened a new branch in South Oakalapa township.
Loans offered by MBF includes consumer loan which comprises a majority part of the loan offered, mortgage and collateral loan, lease finance for businesses and hire purchases.
“MBF had tested the market for new financial products in past years and are now about to launch them widely, according to MBF.
The latest financing comes four months after MBF received K2.2 billion ($1.46 million) in a semi collateralized loan from Yoma Bank.
Previously, MBF was also indirectly funded by IFC through Yoma Bank to support the non-banking sector in Myanmar.