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March 01, 2018

CBM likely to pave way for new mobile money services

The Central Bank of Myanmar will allow money services on mobile devices, according to Director-General Daw Than Than Swe of the CBM.
“We are trying to implement effective financial services for the public” said Daw Than Than Swe. “The services aim to provide convenient services for people in rural areas who do not have a bank account.
Only about 20 per cent of the population of Myanmar has access to banking services, and people in rural areas will benefit”.
Wave Money, the first mobile money service in Myanmar, was permitted to provide services in Myanmar on 3rdOctober.
Wave Money is a joint venture: Telenor owns 51 per cent, with First Myanmar Investment holding 44 per cent and Yoma Bank 5 per cent. The total investment is about US$17 million.
Wave Money, the country’s first mobile financial service,has already opened 4,000 shops in 16 townships to transfer money without the use of bank accounts.
The Central Bank issued regulations on mobile financial services on March 30. In April, the Central Bank announced that providers could allow customers to open mobile accounts and deposit and transfer money between them.
People-to-people, people-to-government, people-to-business and business-to-business money transfers are now permitted under the Central Bank’s regulations. Daw Than Than Swe confirmed that Wave Money is currently only the licensed mobile financial service in the country.—Soe Win


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