This is the presentation for the launch of the FinScope Myanmar 2018 in Nay Pyi Taw, Myanmar on 19 June 2018.
More adults have formal financial access in 2018 largely driven by MFI and Cooperatives with most adults using formal services for borrowing, payments and savings.
Low, but meaningful, adult uptake (2%) on mobile money with rising potential to expand financial services to rural, remote, and disparate households.
Shifts within the broad formal services with more people saving with bank and transacting (payments).
Significant increase in rural uptake of formal services outside of banking mainly driven by credit and savings with MFIs and cooperatives showing a double increase in this category of formal financial products.
Fewer adults dependent only on informal financial services in 2018, which are mainly used for living expenses, mitigating risk such as health expenses and meeting goals such as education and buying farming equipment.
Formal financial services are mainly employed for livelihood investments, education and living expenses. Informal financial services are primarily applied toward living expenses, coping strategies for unforeseen events (e.g. health issues) education, and livelihood investments.