Finance

Transforming Access to Finance in Myanmar: GG International and GRET Drive Institutional Reform

"This is a large change process for a relatively small organization which has operated in an NGO environment to an organization that is going to operate as a company in the commercial environment." — GRET Transition Report, 2017

Challenge

In 2015, GG International’s Insurance Finance and Risk Group, represented by Russell Leith and Shaan Stevens, was invited to support a UNDP-funded initiative led by Groupe de Recherche et d'Échanges Technologiques (GRET)—a French development organization active in over 30 countries. The project, set in Myanmar, aimed to tackle a major institutional challenge: merging two microfinance institutions (MFIs)—Chin MFI and Dry Zone MFI—into a single, registered corporate entity.

Both MFIs had grown under GRET’s NGO umbrella. Chin MFI, established through village credit schemes, had matured into a self-sufficient MFI in a remote and challenging geography. Dry Zone MFI, though newer, had successfully replicated the model across three branches, reaching over 8,600 borrowers. However, structural limitations, fragmented management, and an evolving competitive environment signaled the need for professionalization and consolidation under a formal corporate structure.

Strategy

GG International was engaged to provide practical advice on governance, asset transfer, and structural integration. The centerpiece of the transformation was the establishment of Thitsar Ooyin Company Limited, a Myanmar-registered entity to take over all operations, assets, and liabilities of the two MFIs.
The project focused on the following core objectives:

• Designing a three-year transition roadmap, allowing for gradual consolidation of operations and staff responsibilities.
• Recommending a Management Committee model, drawing from existing MFI leadership and supported by technical specialists in areas like audit, finance, and HR.
• Establishing strong governance structures, including board appointments, legal compliance processes, and a clear reporting framework.
• Implementing a robust Management Information System (MIS) to replace manual processes, increase data accuracy, and support decision-making.
• Maintaining core values of accountability, transparency, and community focus throughout the transformation.

Transformation

The project delivered a practical and sustainable framework for institutional transformation in Myanmar’s microfinance sector.

The work of Russell Leith and Shaan Stevens helped turn a complex merger into a replicable model for responsible microfinance development. Thitsar Ooyin now stands as a symbol of how locally-rooted institutions can evolve into professionally governed, inclusive finance companies without losing their social mission. Key achievements included:

• Successful incorporation of Thitsar Ooyin, with GRET holding 99.9% ownership and a new governance board formed to oversee operations.
• Retention of institutional knowledge, as existing general managers were integrated into the new structure while technical capacity was strengthened through targeted recruitment and external consultants.
• Enhanced regional cooperation, with Chin and Dry Zone staff cross-supporting operational functions during the transition.
• Scalable MIS deployment, laying the groundwork for digital transformation and improved risk management.
• Increased investor and donor confidence, as the move from NGO to corporate structure signaled long-term sustainability and regulatory alignment.