Poor Women Can Access Preferential Credit Right at Home

Instead of visiting traditional banks and meeting with staff in person, people can now conduct financial transactions, such as borrowing, lending, investing, paying bills, or transferring money, with just a few taps on their mobile phones or computers, saving both time and effort.

Người dân luôn có nhu cầu tiếp cận tín dụng để có nguồn lực kinh tế phục vụ sản xuất, kinh doanh. Tuy nhiên, việc tiếp cận tín dụng hiện nay vẫn còn gặp nhiều khó khăn với người dân ở vùng nông thôn. Nhiều khu vực ở vùng sâu, vùng xa còn chưa có hiện diện của các chi nhánh ngân hàng. Số lượng các phòng giao dịch, nếu có cũng rất thưa thớt. Người dân phải đi xa, vượt nhiều cây số để đến các trụ sở ngân hàng đặt tại các khu vực trung tâm dân cư.

Không chỉ có vậy, tiếp cận vốn qua các ngân hàng yêu cầu nhiều thủ tục giấy tờ, tài sản thế chấp. Việc thiếu thông tin về lịch sử tín dụng dẫn tới việc đánh giá hồ sơ mất nhiều thời gian. Vì vậy, đa số người dân nghèo chỉ có cách tiếp cận dịch vụ phi chính thức như: Vay từ người thân, bạn bè, cầm đồ, hay vay “nặng lãi” với chi phí cao, tiềm ẩn nhiều rủi ro.

The need for credit access is essential for people to have the economic resources necessary for production and business. However, rural residents still face significant challenges in accessing credit. Many remote areas lack bank branches, and even where they exist, transaction offices are sparse. Residents often have to travel long distances to reach bank branches located in central residential areas.
Moreover, accessing loans through banks requires extensive paperwork and collateral. The lack of credit history information leads to lengthy application evaluations. Consequently, many poor individuals resort to informal services such as borrowing from relatives and friends, pawnshops, or high-interest lenders, which are costly and risky.
Digital credit enables people to perform financial transactions online easily and quickly. Rather than going to traditional banks and meeting with staff, people can handle financial transactions, such as borrowing, lending, investing, paying bills, or transferring money, with just a few taps on their mobile phones or computers, saving time and effort.

TYM Mobile: A Platform Supporting Women’s Access to Credit

TYM (https://tymfund.org.vn/), an entity under the Vietnam Women’s Union, began operations in 1992 under the name Affectionate Fund to support women’s economic development and contribute to the government’s poverty reduction program. Loans up to VND 100 million are available without collateral, and the current waiting time for loan disbursement is about seven days.

TYM has been accompanying women since times when their opportunities to access loans were very limited.

TYM has developed and launched the TYM Mobile application for both clients and staff. This app allows users to manage financial information such as loans and savings, and easily submit and process loan applications, repayments, and open savings accounts. As of now, over 32,000 clients, representing 16% of TYM’s total client base, have installed and are using this app.

Ms. Phan Thị Hoài Mai from Nam Định, who is paralyzed and has difficulty in moving, uses crutches or a three-wheeled vehicle to assist her mobility. Finding a job was exceptionally challenging for her.
Refusing to give in to her circumstances, Ms. Mai sought a suitable job and chose nail art, which requires minimal movement and can be done at home. However, to start this job with a small shop, Ms. Mai needed capital for premises and equipment. Though the amount was not substantial, it was a significant hurdle for her at the time. She faced numerous difficulties with bank loan procedures and had to make multiple trips, which discouraged her.

Through local Women’s Union recommendations, Ms. Mai discovered TYM when she needed capital. The loan procedures at TYM were not only quick and simple but could also be completed entirely at home. Additionally, TYM staff suggested policy loans, prioritized for poor households and disabled women with preferential interest rates. By participating in TYM, Ms. Mai was able to save weekly alongside her loan. Even small savings have helped her develop a habit of saving and accumulating for the future. Through TYM app, she can control all transactions with TYM such as loan amounts, repayment schedules, loan registration, and savings balance.

The TYM mobile app makes connecting to TYM more convenient and accessible.

The TYM Mobile app supports both IOS and Android operating systems. Users can download the app from the Apple Appstore (for IOS) or Google Play (for Android), making connecting to TYM easier and more convenient.

Using the TYM Mobile app not only saves TYM clients time and effort but also helps women, especially those in rural and remote areas, become accustomed to using technology, making their lives more convenient and in tune with societal development.

Source: Vietnamese Women