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Wave Money expands network, commissions, and volume


Wave Money, Myanmar’s mobile financial services provider, moved US$1.7 billion in remittance for the first six months of 2019, the company said in a statement.

From January to June, the company paid K22 billion ($15 million) in agent commission, which is triple the amount compared to the same period last year ($4 million) and added 5000 agents to its network, taking the number to more than 45,000 agents.

“We are committed to continuing to drive financial inclusion in Myanmar by deeper rural expansion and increased volume growth in the second half of 2019, said Brad Jones, Wave Money CEO.

The company has a foothold in 89 percent of Myanmar with shops in 293 out of the total 330 townships.

As of June 2019, more than 11 million Myanmar had utilised the Wave Money service to send and receive money, buy airtime, pay utility bills and process digital payments.

For people who send and receive money, usage of mobile money has increased from 0.8pc in 2016 to 80pc in 2019 as shown by the recent survey conducted by Kantar TNS.

“Myanmar has reached a point of mobile money maturity that is quicker than most other markets who have implemented similar businesses,” Mr Jones added.

Aiming for more financial inclusion, Wave Money and Myanma Economic Bank launched the Digital Pension Disbursement Partnership, in March, making pension payments more convenient for pensioners where they can withdraw from anywhere, anytime at Wave Shops around the country.

The firm also announced its partnership in the GSMA Connected Women Programme in line with the vision to “Create a Fairer Future for Myanmar” in April, empowering women and enabling them to reap the benefits of the booming mobile economy.

Last year, Singapore-listed Yoma Strategic Holdings acquired a 34 pc stake in Wave Money from Yangon-listed First Myanmar Investment Company (FMI) for $19.4 million, valuing Wave Money at $57 million at the time. FMI is also a major shareholder in Yoma Strategic and both companies are controlled by Mr Serge Pun.

Following the acquisition, FMI retains a 10pc stake in Wave Money. The company’s largest shareholder is Telenor with a 51pc stake.

Source: Myanmar Times

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