A Wave Money outlet at a shop on Nandawun Street in Bahan, Yangon. Photo: Aung Htay Hlaing/The Myanmar Times
Wave Money, a mobile financial service provider, is partnering up with Myanma Economic Bank (MEB) to provide mobile pension payments to retirees nationwide, according to its release.
The firm, which is a JV between Telenor, First Myanmar Investment Co and Yoma Strategic Holdings, signed a Digital Pension Disbursement Partnership agreement with MEB last Thursday to make pension payments much more convenient for government pensioners.
Wave Money and MEB first launched a limited mobile pension service for pensioners in Yangon’s North Dagon township last year. Following its success in North Dagon, the service will be scaled up and expanded into other townships in Yangon within the coming months. The aim is to get coverage of the whole nation as well as promote greater financial inclusion.
“Our goal is to deliver this service to all government pensioners in Myanmar. Wave Money has the largest financial services network in Myanmar,” said Mr Brad Jones, CEO of Wave Money. “We can make pension payments in Myanmar faster and more efficient while making it a lot easier for the pensioners to access their funds.”
Currently, pensioners are using E-pension cards to withdraw their pensions, but the waiting process would take an average of three hours, which causes inconvenience for the elderly.
MEB, under the agreement, will utilise Wave Money’s mobile financial services platform to disburse the pensioners’ money. This promotes greater operational efficiency for the bank and for pensioners, easy and secure withdrawals from the more than 41,000 Wave Shops around the country at any day of the week.
The elderly are not known to be tech-savvy, but they quickly adopted mobile finance service after learning the benefits, officials said.
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