Wave Money, a provider of mobile financial services in Myanmar, operates the largest financial services network in the country, with an agent network that is over 16 times larger than that of traditional bank branches.
In 2018, the number of Wave shops grew from 15,000 at the start of the year to 40,000 by the end of 2018, Wave Money said in a statement on Monday.
Between January and December of 2018, the company moved more than trillion Myanmar kyat ($1.3 billion) in remittance volume, equivalent to nearly 2 percent of Myanmar’s Gross Domestic Product (GDP). Funds were sent and received from Wave shops across the country and via Wave Money’s easy to use mobile wallets.
Nationwide Agent Network
Currently, the Wave Money agent network covers 86% of the country, being in 283 out of the total 330 townships. The firm is a joint venture between Telenor, FMI, Yoma Bank and Singapore Exchange listed Yoma Strategic Holdings and provides mobile financial services through a nationwide agent network.
The growth of the agent network facilitated service to more than 7 million customers from across the country who were sending and receiving money, buying airtime, paying utility bills and making merchant payments. Growth was not isolated to the company’s over-the-counter business but was also seen in its digital business unit.
The Launch of a New Mobile App
A key contributor to mobile wallet growth was the launch of a new mobile app, WavePay. While there was an existing mobile app, WavePay was launched to provide more features and services to enhance customer experience.
As part of the new app’s launch, Wave Money announced special promotions with multiple merchants such as SG Shop, MMBusTicket, and regional digital content provider, Codapay. WavePay users can look forward to even more promos with great discounts that will be rolled out in the coming months.
