Myebon residents struggle with money matters in absence of lone private lender

By Admin 21 Mar 2023

DMG Newsroom
21 March 2023, Myebon

Local people in Arakan State’s Myebon Township are experiencing inconveniences in money matters as the only private bank in the town has been closed since late last year.

With the closure of Global Treasure Bank, locals have turned to mobile money agents who use mobile wallet platforms like KBZ Pay and Wave Pay.

“Some have their families working abroad, and it has become difficult to transfer money. They have to transfer through [mobile money agents] in Sittwe. And mobile money agents in Sittwe again transfer to us. So, it takes longer,” said Ma Mya Nandar from Myebon.

There were only two banks — the state-owned Myanmar Economic Bank and privately owned Global Treasure Bank — in Myebon prior to the closure of the latter, which locals mainly used for money transfers. Global Treasure Bank was closed due to conditions in the area, with the bank ceasing operations completely, according to sources familiar with the matter.

Myanmar Economic Bank mainly engages in distributing salaries for government employees and pensions for pensioners, as well as disbursing loans. Locals rarely use it for their money transfer needs because of the lengthy process involved.

“Myanmar Economic Bank also provides money transfer services. But it is slow,” explained Ko Aung Htay Win from Myebon. “So, people don’t usually use it.”

Residents have been forced to go to nearby towns to transfer money, said the deputy administrator of Nga Pa Thone Village in Myebon Township.

“Some use Wave Pay to transfer money. But the fee is higher than the bank’s,” he said.

Locals also have concerns about using mobile money agents as they feel their transactions are not as safe as the services provided by banks. Myebon residents say they need a bank at which they can transfer and receive funds safely at low cost, and that is easily accessible to the public.