Citizenship scrutiny cards required for remittance, withdrawal of wave money

THOSE who want to transfer or withdraw money through Wave Money, a mobile financial services provider, need to take citizenship scrutiny cards, according to Wave Money’s statement on 8 September. To secure mobile financial services for the users, security measures for mobile money remittance are stepped up. Therefore, citizenship scrutiny cards have become obligatory for remittance or withdrawal and must be presented to the agents, Wave Money stated. “Remittance cannot be done without a national scrutiny card”, the company directed. Earlier, users had to fill in the six digits of citizenship scrutiny cards. Then, they just put in any six digits to complete the process. Now, it can’t go like that. We can proceed with the national scrutiny card,” Daw Phyu Pyar, an agent of Wave Money told the Global New Light of Myanmar (GNLM). The Central Bank of Myanmar notified on 15 August that mobile money service shops must install CCTV to record the users. Wave Money is the leading digital money service company in Myanmar. Wave Money is the first company to be registered under the new Mobile Financial Services Regulation. “Only individuals above 18 years old can get access to this mobile financial service. One who transfers the money must present the national scrutiny card. The company will send the password automatically to the receiver. However, we are not liable if the sender put the incorrect phone number,” Ko Arkar San, an agent from Thingangyun Township, told the GNLM. Wave Money was a joint venture between Yoma and Telenor group in November 2016, with Telenor Myanmar holding 51 per cent of the stake, Yoma group having 44 per cent of shares and Yoma Bank owning the remaining five per cent. In January 2022, Telenor agreed to sell its 51 per cent stakes to Yoma. Wave money has more than 45,000 wave money agents in 295 townships across the country, according to Telenor’s statement. Wave Money processed the transaction volume of Myanmar Kyat worth US$8.7 billion in 2020.

Source: GNLM

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