MPT to Enter Nascent Mobile Money Sector ‘This Year’

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State-backed telco Myanma Post and Telecommunica­tions (MPT), plans to launch its own mobile money services this year which would put it in di­rect competition with Tel­enor’s Wave Money, and Ooredoo, who are soon to unveil their own mo­bile money service, in the country’s fledgling mobile financial services sector, the head of MPT Mobile Money has said.

“We plan to launch MPT Mobile Money this year. The widespread use of mobile financial services will have a positive im­pact on the economic de­velopment of Myanmar,” Rozano Plato, head of MPT Mobile Money, told the audience at the 8th Annual Mobile Money and Agent Banking Semi­nar in Yangon.

Amid Myanmar’s large­ly unbanked population, a rising middle class and mobile sim penetration fast approaching 90 per­cent, the mobile money industry is seen as major growth sector.

The government has set an ambitious target of getting 40 percent of the population access to financial services by the year 2020, and with every new entrant into the nas­cent sector, particularly by the major telcos, this appears within reach.

Norwegian-backed Tel­enor was the first telco to enter the mobile money sector with Wave Money, which since it began oper­ations in August 2016 has amassed over 250,000 users. Wave Money CEO, Brad Jones, told Myan­mar Business Today in a recent interview that the increased competition could only benefit Myan­mar consumers and the industry.

“When the other opera­tors come in, I think we’ll see the overall sector in­crease because there’ll be two or three other op­erators all educating the market,” said Jones, add­ing, “The biggest compet­itor we have right now in Myanmar is cash.”

Another major telco, Qatar-backed Ooredoo has plans to launch its own mobile money ser­vices “very soon”, Rene Meza, Ooredoo Myanmar CEO, told Myanmar Busi­ness Today.

“Regardless of where you are on the financial pyramid, the top or the bottom, people need ac­cess to basic financial ser­vices,” he said.
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Source: Myan­mar Business Today

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