Still very few toting ATM cards
At just 160,000, the number of ATM card users in Myanmar is still extremely low compared with other countries in the region, says the Central Bank of Myanmar (CBM).
The first ATM was opened in December 2011, and now there are 275 ATM machines installed nationwide.
China’s CUP card and Japan’s JCB card can also be used in the MPU network which is still in process to launch internationally.
The country has currently seven private banks operating ATM services locally – Myanmar Citizens Bank, Cooperative Bank, Myawaddy Bank, Kanbawza Bank, Asian Green Bank, Ayeyarwady Bank and Myanmar Apex Bank.
Micro-credit plan
Myanmar will need from US$6 million to US$3 billion (Bt189 million to Bt94.57 billion) to set up micro-credit programs in 60,000 villages across the country, the Cooperatives Minister said on Saturday, International Cooperative Day.
“We want to provide loans for people in over 60,000 villages by the end of 2015. This will require 600 billion kyats (Bt94.5 million) to 30,000 billion kyats,” Kyaw San, Minister for Cooperatives, said.
“We are seeking to raise that capital internally. However, we will also need international cooperation,” he said.
Micro-credit programmes in rural areas would enable Myanmar cooperatives to upgrade agricultural and farming businesses, value-added manufacturing and service businesses, the minister noted.
