July 2, 2019
Yangon, Myanmar: The Central Bank of Myanmar (CBM) is sponsoring a two-day training course to promote understanding of payment systems that can facilitate widespread access for all—including low-income people—to convenient and inexpensive payment services. CEOs and executives from Myanmar’s main financial institutions will attend the program to be carried out on 1-2 July. The training course is organised by the Level One Project with support from the UK aid-funded DaNa Facility, Glenbrook and the Bill and Melinda Gates Foundation.
The Level One Project “boot camp” is an interactive workshop that introduces a vision for real-time retail payments systems, and provides a blueprint for how such a system can be set up. The focus is on developing a payment system that enables financial inclusion and meets the needs of all citizens including those who are not well served by the current payment system – both individuals and merchants – as well as the financial service providers that serve them. The training is offered now, as CBM is developing new guidelines, rules and regulations for a modernized national payment system.
U Bo Bo Nge, Central Bank of Myanmar Deputy Governor noted, “The main objective of the boot camp is to kick off more effective collaboration and cooperation between banks, non-banks and the CBM. We will make sure to develop proper business rules for a safe, scalable, inclusive and functional payment system.”
Payments link payers with payees and connect friends and relatives in networks of financial support. However, in the absence of reliable payment tools, the poor are often forced to use methods that are unreliable and expensive, preventing them from taking advantage of emerging economic opportunities.
The introduction of easily accessible, low-cost payment systems can ensure that all citizens benefit from economic growth. Access to reliable financial services can ensure that no one is left behind as the country continues to benefit from economic development.
Tom Coward, Team Leader of DFID Myanmar Inclusive and Livelihoods team said, “The move towards increased access to formal financial services is good news and means that people across Myanmar are more able to save, invest and prosper through their use of formal finance services. UK aid is working together with all stakeholders to upgrade the financial system to promote financial inclusion in Myanmar.”
Notes to editors:
For more information please contact the DaNa Facility communications team at: +95 9782500752 or through email: email@example.com
About The DaNa Facility
The DaNa Facility is a UK aid funded programme, established in May 2016 as one of three components of UK aid’s wider ‘Business for Shared Prosperity’ (BSP) programme. The DaNa Facility, implemented by DAI Europe and KPMG, supports inclusive economic growth and private sector development in Myanmar through responsible and sustainable business growth, investment and trade. For more information on the DaNa Facility please visit: www.danafacility.com. Follow the DaNa Facility on Twitter | Facebook.
You can find a Myanmar language version of this press release here.