Mobile Payments and Financial Inclusion in Myanmar
In this episode of our series on financial technology, we sat down with Jason Loughnane, microfinance specialist with Accion International in Myanmar. Jason is an expert on the potential for mobile payments and other financial technologies to promote financial inclusion in emerging markets.
Some of the key takeaways from our conversation with Jason include:
- Access to mobile payments in Myanmar has grown rapidly as the cost of cell phone ownership has declined.
- Mobile payments have the potential to dramatically improve the efficiency of microfinance projects and expand the geographic range of areas they can service.
- Competition can drive down the price of mobile payments, but it’s essential that providers have sustainable business models.
- People often use microfinance loans in surprising ways—and that can be a good thing.
- Myanmar is on track to experience a boom in mobile payments growth over the next five years.