KBZ Bank, Myanmar’s largest privately-owned bank, is celebrating a new milestone as KBZPay crosses the one millionth customer mark, placing itself as the fastest growing mobile wallet in Myanmar. Since the pilot trial of KBZPay six months ago, KBZ Bank across Myanmar has helped thousands of people to access financial services for the first time each day.
KBZ Bank’s milestone comes as it moves beyond the branch doors to address the challenges with Myanmar’s predominantly cash-based society and make banking services more accessible to millions of people without a bank account. Employees of KBZ Bank visited communities and public areas in townships across the various states and regions nationwide. The KBZ Bank team has brought more than 39,000 merchants onboard with KBZPay.
Given the increasingly mobile-first population in the country, KBZ Bank now sets its sights on reaching 30 million KBZPay customers within the next ten years.
Mike DeNoma, Chief Executive Officer, KBZ Bank says, “We have had a resounding start in helping more people in Myanmar access everyday financial services and the formal economy through KBZPay. I’m incredibly proud of the team’s achievement – they are an inspiring and extraordinary force for financial inclusion. I would like to thank each and every staff member who has courageously brought KBZPay beyond the branch and into their communities to reach this milestone. We are excited for the journey ahead to touch the lives of millions more, improve the quality of their lives through banking, and move towards 100% financial inclusion in Myanmar.”
KBZPay is a mobile wallet stored in an app on the mobile phone. Aside from storing money, the KBZPay app allows customers to access the most essential financial services all day and night in the palm of their hands. They can make cashless transactions, send and receive money, and withdraw physical cash through authorised agents.
More than 1.3 million people have downloaded the KBZPay app to-date and one million have digitally verified their accounts with NRC and biometric verification. Customers using verified accounts are able to access the full suite of KBZPay services such as payment transactions, money transfers, ‘cash in’, ‘cash out’ and mobile airtime top-up on all major telcos.