Myanmar's best bank for digital solutions 2022: KBZ Bank
Building digital awareness is difficult in a country where more than 70% of the population of 55 million are unbanked. But KBZ Bank has spent years educating people in Myanmar about digital banking products, so it is no surprise that it is considered the go-to bank.
KBZPay, which was launched in 2018, is now Myanmar's biggest e-wallet, with nine million customers – exceeding KBZ Bank’s customer base of 5.2 million. Working like a digital marketplace, KBZPay lets customers carry out a wide range of transactions, including transferring money; making remittances and donations; topping-up mobile phones; buying tickets; and even making doctors’ appointments.
Its dominance is reflected in the numbers. KBZPay achieved a new record of 58 million monthly transactions in March 2022 – more than quadruple the number from a year earlier – with a total monthly value of K4.3 trillion ($2.3 billion).
During the pandemic, KBZ Bank took its role as Myanmar’s largest privately owned bank seriously. It worked with the government to disburse cash to the e-wallets of vulnerable families who could not work during the pandemic.