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On the heels of a new financial product designed specifically for factory workers in Yangonโ€™s industrial zones, VisionFund Myanmar (VFM), the second largest microfinance institution in Myanmar, recently partnered with Opportunities NOW (ONOW), to launch โ€˜Finance VFMโ€™ โ€“ a ground-breaking chatbot platform that provides user-friendly financial literacy to microfinance borrowers, VFM said in a statement, Mizzima News reports on Tuesday.

The partnership between VFM and ONOW reflects core beliefs that financial health must combine financial inclusion with financial literacy.

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VisionFund Myanmarโ€™s Chief Operations Officer Guerol Michael Sari said, โ€œClient education is a key strength of our organization and a core part of our mission to bring financial services to underserved clients and communities in Myanmar. With ONOW we found a social partner, with whom we can give our clients additional access to financial education via Facebook messenger, which they can also share with other friends and colleagues. Client education is a key part of our technology strategy, which aims to support effective financial literacy.โ€

Opportunities NOW Co-founder and Executive Director Matt Wallace added, โ€œWeโ€™re passionate about Financial Education that is emotionally engaging, timely, and simple. These are achieved through the first financial literacy chatbot platform in the world, Mr. Finance. Weโ€™re excited to partner with VisionFund Myanmar to bring these tools to thousands of microfinance clients, knowing VFM is a partner that is changing lives in the most difficult-to-reach parts of Myanmar. This combination of access-to-finance and digital-first financial literacy is an important step in that effort.โ€

Through ONOWโ€™s chatbot platform โ€˜Mr. Finance VFMโ€™, clients obtaining the factory worker loan will be able to learn about VFMโ€™s financial products and procedures, complete interactive financial education training modules, and qualify for finance via certificates of completion verified by VFM officers.

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The features of the platform are aimed at building resilience through interactive learning; from simple advice and practical steps on how to improve the userโ€™s financial situation, to short and actionable reminders, and an interactive game that borrowers can relate to โ€“ where users help a woman along her business journey with business and financial management concepts taught along the way.

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