Mekong Organization of Microfinance (MOM)

The microfinance operations of MOM in Vietnam were initiated by the Women’s Union (WU) of Tien Giang province in cooperation with the Norwegian Mission Alliance in 2002. The project started with the commitment and vision to improve the life conditions of poor and marginalized people, especially poor women, in the Mekong Delta area, by mobilizing loans and other financial services to help them break out of the poverty cycle. MOM operates 5 branches across the Mekong region.

Since inception the institution has made good progress and the company has applied to the State Bank of Vietnam to become a licensed microfinance organization. As a part of the application procedure MOM was given the status of Social Fund which has given MOM greater operational flexibility in the transition period from being an unregulated microfinance project to become a regulated financial institution.

The MOM business model is unique and is characterized by a close cooperation between MOM and WU. In addition to forty MOM officers, more than three hundred WU officers are involved in MOM`s operations. This brings MOM clients and makes the work of MOM credit officers different from the role of credit officers in comparable MFIs. In relation to some of the key MFO functions like client identification, gathering clients and organizing the group meetings, project follow-up and collection of interest and repayments, MOM officers can enjoy strong and consistent support from WU officers. WU is compensated for the cost of these services while this is balanced by a smaller number of staff in MOM than would otherwise be necessary. The MOM business model is constantly being fine-tuned to the developments of the market.

 

Vision:

  • The vision of MOM is to improve the life conditions of poor and marginalised people, especially poor women in the Mekong Delta area, by mobilizing loans and other financial services to help them to break out of the poverty cycle and improve the living situation for themselves and their families.

Mission:

  • To reduce poverty of the poor and the disadvantaged groups through provision of sustainable and diverse services appropriate to the poor.

Our products:

  • Group loans range from $250 to $500 with terms of 12 to 18 months
  • Compulsary and voluntary (interest-bearing) savings accounts
  • Business training and child scholarship program

 

The shareholders of MOM are:

Women’s Union                           41,96%

Norwegian Mission Alliance         41,24%

Lotteries (People’s Committee)   16,80%

CEO

 

Board of Directors

Nguyen Thi Sang Chairwoman
Nguyen Thi Nguyet Board member
Nguyen Thi Nanh Board member
Nguyen Thi Mai Huong Board member
Oddvar Rønsen Board member
Ly Minh An Board member
Kåre Rønningen Board member