Four private banks in Myanmar are preparing to provide mobile banking services targeted at the people living in rural areas, according to a DVB report.
Cooperatives Bank, Kanbawza Bank, Asia Green Development Bank and Myawady Bank are working to bring basic banking services to rural areas via mobile phones.
They are preparing a demonstration and a report to be submitted to the government as they seek the approval of the government.
The central bank would rule whether the mobile banking system would be approved or not through consideration over the demonstration, according to executive director Pe Myint of Cooperatives Bank.
There are 19 private banks in Myanmar, but still four are making moves for mobile banking.
The banks will appoint representatives in each rural area.
The representatives will be required to have some amount of deposits in the bank to prevent fraud.