Wave Money, the leading mobile financial services provider in Myanmar, reported growth in the first half of 2019. Wave Money moved US$ 1.7 billion in remittance for the first six months of 2019. The company paid K22 billion ($15 million) in agent commission which was more than triple the amount compared to the same period last year ($4 million) and added 5000 agents to its network from January to June. It expands its network to more than 45,000 agents and has a foothold in 89% of Myanmar with shops in 293 out of the total 330 townships, covering 85% of rural Myanmar.
As of June 2019, more than 11 million Myanmar had utilized the Wave Money service to send and receive money, buy airtime, pay utility bills and process digital payments.
“The usage of mobile money continues to grow dramatically in Myanmar. For people who send and receive money, usage of mobile money has increased from 0.8% in 2016 to 80% in 2019 as shown by the recent survey conducted by Kantar TNS. Myanmar has reached a point of mobile money maturity that is quicker than most other markets who have implemented similar businesses,” said Mr. Brad Jones, CEO of Wave Money.
In March, Wave Money and Myanma Economic Bank launched the Digital Pension Disbursement Partnership to make pension payments more convenient for pensioners where they can withdraw from anywhere, anytime at Wave Shops around the country.
The company also announced its partnership with GSMA Connected Women Programme in line with the vision to “Create a Fairer Future for Myanmar”, reinforces a long-standing social impact commitment to enable women so they can reap the benefits of the booming mobile economy.