Developing Savings Product for Smallholder Farmers
This project was executed with Proximity Finance, aimed at addressing the savings needs of smallholder farmers in Myanmar. Proximity Finance, a microfinance arm of Proximity Design, is Myanmar's pioneering financial institution dedicated to farmers. It offers loans and savings products specifically tailored for rural farming households, focusing on low- and middle-income farmers.
Role
Product Development
Manager
Skills
Design Thinking, Service Design, Product Development, User Research
Affiliation
Year
2022
Image credit: Proximity Finance
Project Overview
We developed a Fixed Deposit account for a target market of 200,000+ smallholder farmers in Myanmar, where access to formal financial services via banks is limited. This project aimed to provide a structured savings solution, allowing farmers to save during off-farming seasons for future needs. Using Design Thinking methodology, we crafted a user-centric product that met the specific needs of rural farmers.
To facilitate access, we optimized deposit and withdrawal processes through loan officers, branch networks, and third-party mobile money agents.
My Role
As Product Development Manager, I led the design and development of the Fixed Deposit account up to the pilot-ready stage. My role involved conducting user research, applying Design Thinking to create the product, and collaborating with various stakeholders to refine it.
I worked closely with the IT team to integrate the deposit product into the core banking system, Musoni, and ensured its compatibility with the digital field application used by loan officers. This integration was crucial for the smooth operation and future deployment of the product.
Key Learning
This project allowed me to apply design thinking concept to develop a financial product. I got to learn the overall landscape of how microfinance institutions played an important role for smallholder farmers and their livelihoods. The project was implemented during a Covid-19 pandemic, so almost every process had to be executed remotely. I learned how to develop a user-centred product remotely through the help of field staff and Proximity Finance's branch networks.
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