The development of the CorePlus core banking system and the TYM Mobile app in recent times has helped the Tinh Thuong Onemember Limited Liability Microfinance Institution (TYM) proactively and flexibly adjust product policies and regulations and improve the quality of TYM’s financial services. This was clearly demonstrated during the recent days of storm No. 3.
Farmers were in dire straits after the storm
These days, Ms. Nguyen Thi May (residing in Cong Luan village, Dong Thanh commune, Kim Dong district, Hung Yen province) spent most of her time on her family’s farm to rebuild agricultural and livestock production activities. During the recent storm No. 3, Ms. May’s family was one of the households that suffered the heaviest economic losses when 1.7 hectares of oranges and grapefruits were damaged; 150 laying hens died.
The storm also caused the roof of the family’s chicken coop to be blown off. According to Ms. May, her family’s estimated damage is up to more than 200 million VND. In addition to not being able to harvest this year, storms and strong winds have also affected the roots and broken branches of the plants. If not properly cared for and “resuscitated” in time, it is very likely that the plants will not yield a harvest for the next few years or even die due to flooding.
We have been taking care of the plants all year but they have not been able to harvest, now we have to spend more money to care for, restore the plants and reproduce, making life very difficult for farmers like us,” said Ms. May.
Ms. Tran Thi Thinh’s family, residing in Tan Trung village, Phu Cuong commune, Hung Yen city, has 4 hectares of land growing bananas. If the weather is favorable and prices are stable, they will be able to harvest by the end of October. However, storm No. 3 swept through and swept everything away.
“Broken and fallen banana trees will not be able to grow again, forcing people to rent machines to scoop up the banana roots and then dig holes to plant new trees. With 4 hectares of bananas, my family had to spend money to rent machines, hire workers, buy seedlings,” Ms. Thinh shared.
Timely support to rebuild people’s lives after storms and floods
For cases like Ms. May and Ms. Thinh, the most urgent thing to do after the storm passes is to have capital to take care of the old trees, replant the damaged ones, and rebuild production.
“At times like these, TYM’s unsecured loan is the only way out for my family,” Ms. May shared.
Ms. May has been a customer of TYM since 2010. Immediately after the storm, Ms. May contacted TYM – Hung Yen Branch to express her need for loan support. A week after requesting loan support, Ms. May received VND 50 million to take care of her orange and grapefruit plantation and buy seedlings.
“If it takes longer and is not taken care of promptly, the damaged trees will die and we will have to replant them. When we receive TYM’s capital, we buy materials to save the trees. In addition, repaying the loan every 4 weeks also helps us manage the loan more easily,” Ms. May shared.
TYM said that immediately after storm No. 3 passed, TYM adjusted many loan policies to create conditions for women to borrow capital easily and promptly. Specifically, the Disaster Risk Reduction Support Fund has been raised to the maximum level of micro-capital of VND 50 million, the lending interest rate has been reduced to 0.1%/week (for loans repaid weekly) and 0.4%/4 weeks (for loans repaid every 4 weeks). From September 10, 2024 to October 11, 2024: TYM has supported 222 women to borrow this loan with an amount of more than VND 8.5 billion to restore production and business activities. Mr. Phung Dinh Kien, Deputy General Director of TYM shared: “With the CorePlus system, TYM has been completely proactive in adjusting product policies, thereby creating favorable conditions for customers to borrow capital and recover their family economy after the storm. In addition, the TYM mobile application has helped TYM receive information on customers’ transaction needs quickly for timely processing. Coreplus along with the TYM Mobile application will continue to be developed to promote the application of digital technology for the organization in the coming time.”
| According to TYM, there are more than 700 cases of women’s member families who are TYM customers directly affected by storms and floods with economic losses of about 126 billion VND. Accompanying customers, TYM has had many activities to support women, especially reducing interest rates on capital to support overcoming natural disaster risks since September 10. |
According to Vietnamese Women Newspaper