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Financial Inclusion: National Financial Inclusion Forum

13 March 2018

National Financial Inclusion Forum took place on Tuesday in the presence of Union Minister for Planning and Finance U Kyaw Win.

The Forum in Nay Pyi Taw was an opportunity for the government, development partners, private sector and stakeholders to discuss the Financial Inclusion Roadmap Myanmar (FIRM) strategy, progress to date and challenges.

Deputy Minister, Ministry of Planning and Finance, Maung Maung Win said “The government is implementing the Financial Inclusion Roadmap Myanmar strategy to ensure financial inclusion extension throughout the country. Formal financial services are critical to the future of those who are poor and those with low income – it’s how to manage finances for livelihood and family related needs.”

Recent data show Myanmar to be an economic lead in the ASEAN region.  GDP growth was at 5.9 percent in 2016-2017 while 2017-2018 GDP growth is estimated to be 6.8 percent. The Deputy Minister pointed out that 30 % of adults had access to formal financial service in 2014 and looking forward to obtaining a new understanding of the supply and demand aspects of the nation’s financial sector.

Deputy Minister, Ministry of Planning and Finance, Maung Maung Win said “We have a great potential in FinTech (financial technology) too as the country has high mobile penetration. The mobile operators are providing mobile financial services like wave money and ok dollar for better mobile payment system. The electronic cart system is also being implemented by the banks.”

FIRM (2014-2020) strategy is part of the Making Access to Financial Services Possible (MAP) project, funded by United Nations Capital Development Fund and Livelihoods and Food Security Trust Fund in 2013.