Established in 2017, ZigWay is a fintech social enterprise based in Yangon, Myanmar, that helps low income families affordably access the essential goods and services they need. ZigWay uses technology to support its social mission, including its mobile application and machine-learning based credit risk models. Its vision is to lift 20 million people out of poverty by 2030.
One quarter of Myanmar’s 55 million people live in poverty, and often pay up to 20% more for goods and services because they either can’t afford to buy in bulk or are considered too risky to be provided with reasonably priced credit. These extra costs keep people trapped in poverty. In order to help tackle this challenge, ZigWay started offering a “subscription box” service that allows low income families to access essential goods and services affordably.
ZigWay has now piloted its subscription service, which will serve as the platform upon which to provide a wide-range of essential goods and services to help people lift themselves out of poverty. It commenced with non-perishable food staples, such as rice and cooking oil, but its ambition now is to include other products and services, including healthcare, education, financial services, solar panels and clean cookstoves.
This TIE project will help ZigWay identify new opportunities to expand the subscription box to other services. The objective is to build a pipeline of potential partnerships with organisations that could contribute goods and services to the subscription box, and to detail how these partnerships might look.
Ronak Shah from Octopus Labs is going to Myanmar in 2020 to help ZigWay carry out this project. Stay tuned for updates!