Bank, business school collaborated to build KBZPay

KBZ Bank partnered with the London Business School (LBS) MBA Class of 2019 in the development of its mobile payment app, KBZPay, the bank revealed last month.

KBZ Bank launched KBZPay in 2018 has part of its strategy to achieve full financial inclusion and extend its reach across Myanmar.

Over the past year, KBZPay has grown its user base to more than 4.5 million and added some 280,000 to its merchants and agents network.

One of the tasks for London Business School MBA students as part of their Performance-Driven Strategy Execution course was to guide the leadership team at KBZ Bank through specific challenges, which involved deploying its 18,000 strong work-force, mostly branch staff, to execute “the biggest digital product launch ever attempted in the region,” KBZ Bank said.

Mike DeNoma, CEO of KBZ Bank, said many of the solutions used to build KBZPay’s network of agents and merchants in Myanmar were recommended by the students and incorporated into the firm’s business plans.

Now, one in three KBZPay customers are from areas other than Yangon Region, Mandalay Region and Shan State, reflecting the progress in reachubg people with little or no access to banking or formal financial services.

“Myanmar is growing rapidly on every measure and working with LBS enables us to be at the front of business and management thinking, quickly implementing learning into real-life business scenarios,” said Daw Nang Lang Kham, Deputy CEO, KBZ Bank.

To date, KBZPay has facilitated more than US$3.3 billion in transactions. The highest rate of transactions so far was 240 transactions per second. Notably, more than 50 percent of businesses that use KBZPay for transactions are owned by women. KBZPay has now set a goal of reaching 30 million customers by 2028.

Meanwhile, LBS will be looking for further opportunities to collaborate real-time with organisations facing strategic business transformation.

Source: Myanmar Times

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