With 70% Unbanked Population, Myanmar Bets on Fintech to Improve Financial Inclusion

Despite the Myanmar government’s push to expand access to financial services, the country still trails far behind the rest of Asia in rates of participation in formal financial services, financial literacy, savings rates and the use of digital financial services, according to a new report by social enterprise ONOW Myanmar. But fintech and mobile technology […]

Bringing banks to the poor

Changes need to be made to promote financial inclusion particularly among the poorest, according to a report by a joint team including several United Nations organizations. Some 15 percent of adults are currently borrowing an estimated US$3.9 billion from unregulated money lenders in Myanmar while less than 5pc of the population have formal bank accounts. […]