“Where did my money go?”
The first creation of the ONOW Lab!
The “kyat” is Myanmar’s currency. Our new mobile app, “Kyat Manager”, is the first Myanmar-language small business financial management app.
The app helps entrepreneurs record transactions and really understand their financial position. The data we collect and the innovative way we use it allows small businesses to make informed and proactive decisions for business success. They can respond to and avoid the shocks that can ruin a business and throw a family into poverty.
Providing Understanding with Financial Technology
Maybe you’re asking, “Do poor people really have smart phones in Myanmar to run this app?” Yes! They do! Smart phone adoption rates among our students are huge, and Myanmar has the fastest smart phone adoption rate in history. Anyone who wants a smart phone has one, and almost all of them are running Android.
Making sense of hand written financial transactions can be the most daunting and confusing part of running a business. Kyat Manager eliminates the messy process of scribbling and makes it easy to see what is going on in the business at a glance. Mentoring increases the likelihood of success of a new startup drastically. Kyat Manager helps us mentor better!
This app helps mentors be more informed on the details and challenges business owners are facing, with the financial data to illustrate the point.
Harnessing Data for Resilience
ONOW recently presented Kyat Manager at the “Harnessing the Data Revolution for Resilience” Summit. Experts on data collection and international development from around Southeast Asia discussed how collecting and analyzing data in the new age of connectivity can help build resilience in poor and vulnerable populations.
From 75 submissions, Kyat Manager was one of 10 finalists chosen in two categories. We didn’t win :-( but we were a Top 5 finalist in the Early Stage Innovations category!
Besides a cool Finalist trophy, the real reward is seeing our work making a tangible impact on poverty through financial literacy.
Check out the slide deck with audio overlay here.
