19 June 2018
Myanmar has seen a significant increase in the numbers of adults with access to at least one formal financial services product according to the research that launched on Tuesday. As part of the nationwide Making Access Possible (MAP) financial inclusion, a survey was made to 5,500 households in 29 townships of urban and rural areas.
The research showed that access to formal financial services had increased almost two thirds between 2013 and 2018.
It is also an increase of over 6 million adults, exceeding the financial inclusion targeted of 15% set in 2014.
Director General, Financial Regulatory Department, Zaw Naing said “MAP refresh has been launched in 2013 as we wished to know the financial inclusion of Myanmar. Base on this survey, we have drafted financial inclusion road map strategy for 2014-2020. We target to reach 30% of people who get financial access in 2020. But the survey shows that there is 48% who already get access to financial services. It shows the growth in financial services. Also 17% of eligible people have access to financial products.”
The survey also shows that 50% of people are still lending money from informal market. Officials said it we still have a lot of work to do to increase access to formal financial services.
Director General, Financial Regulatory Department, Zaw Naing said “We found out that there were 50% of people who lend money from informal market. It is the same amount at present. So, it needs to consider how to make these lenders from illegal market to become legal ones.”
Making Access Possible (MAP) operates through a partnership between the DaNa Facility (funded by DFID), UNCDF Myanmar, and the Financial Regulatory Department under the Ministry of Planning and Finance.
The similar meetings will be held in Yangon and Mandalay. Base on the result of these three meeting, we will draft the financial inclusion road map.