Myanmar

Since 2011, Myanmar, once considered one of the world’s most isolated economies, has undergone a dramatic democratic and economic transition propelled by the government’s adoption of new economic policies, health and education strategies, and prioritization of nutrition, rural development, and financial sector modernization. Amid this reform, the Government of Myanmar has increasingly been prioritizing financial sector reform to enable financial inclusion. In 2017, FII data revealed that less than one-fourth of adults (22%) in Myanmar were financially included, primarily via nonbank financial institutions (NBFIs) (13%) and banks (11%).

Less than 1% of the adult population held a mobile money account. Despite the newness of mobile money services in Myanmar, awareness of mobile money is high relative to other markets with similar levels of adoption. Three out of 10 adults (29%) in Myanmar were aware of mobile money services, which is significantly greater than it is in neighboring countries, such as India (18%), and other new markets for mobile money, such as Indonesia (15%, FII 2016). Relatively high levels of financial literacy (31%) and numeracy, combined with a high level of smartphone ownership (49%), are strong indicators of readiness to adopt DFS in the near future.

Financial Inclusion

TOTAL FINANCIALLY INCLUDED
FINANCIAL INCLUSION BREAKDOWN BY ACCOUNTS
29% of adults are aware of mobile money services, and overall the proportion of adults who are aware of mobile money are more capable than those unaware in using basic and advanced phone functions.

Banks and NBFIs

BANK ACCOUNT HOLDERS
NBFI ACCOUNT HOLDERS
Awareness of mobile money services is highest among men, urban, and above-poverty adults.

Mobile Phones

SMARTPHONE OWNERSHIP BY FII COUNTRY

True or false

NBFI users in Myanmar are more likely male and urban adults, than female and rural demographic groups.

False

Which of the following demographic groups is lease likely to be financially included?

A. Rural
B. Female
C. Below Poverty
D. Above 55 years old
C. Below Poverty

True or false

A significant proportion of Myanmar adults who used NBFIs were unregistered users or former users of these institutions.

True

What percentage of financially included adults save in Myanmar?

A. 45%
B. 66%
C. 32%
D. 56%
B. 66%

True or false

More men than women were financially included in Myanmar in 2017.

False