This first national mobile money service, offered in both English and Myanmar, is based on OT’s MoreMagic m:Wallet. It notably 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 will be over 6000 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.