Myanmar Networks Launch Mobile Money Service
Published on: 29th Jan 2014
Myanmar's two state owned mobile networks have launched a mobile money service based on a platform supplied by Oberthur Technologies.
This first national mobile money service, offered in both English and Myanmar, is based on OT's MoreMagic m:Wallet. It includes person-to-person transfer, agent-assisted cash-in/-out, air time top-up, salary disbursements, and merchant payments.
Started in major cities at the end of 2013, the service will progressively extend to all localities in Myanmar. By end of 2014, there are expected to be over 6,000 agents, with expected double-digit growth over the next 5 years. The services will eventually serve more than 80% of the population, giving them access to basic financial services.
The Myanmar economy has experienced strong 6% or higher annual growth over the last few years, but less than 20% of the population is able to access banking services in an economy that is largely cash-based.
The Myanmar Mobile Money Service launched with the permission of the Central Bank of Myanmar will support the government's initiative to bring better financial services to the masses leveraging on the new telecommunication infrastructure that was recently enhanced.
"Relying on OT's solution, we have the ambition to lead the Mobile Financial Services revolution in Myanmar. To achieve this we are integrated with all the present mobile operators of the country, MECTEL and MPT, and our network of mobile money agents is also strengthened with the Innwa Bank national branch network." said Dr Kyaw Htoo Linn, CEO at Myanmar Mobile Money, which is operating the service.