21 Nov Less that 20 percent of Yangon citizens have a bank account

Written by Ko Ko Gyi Published in Property Read 3391 times
Less than 20 percent of Yangon residents have bank accounts. KBZ bank in Yangon. Photo: Nyain Thit Nyi/Mizzima Less than 20 percent of Yangon residents have bank accounts. KBZ bank in Yangon. Photo: Nyain Thit Nyi/Mizzima

More than 80 percent of Yangon’s 7 million inhabitants do not have a bank account, according to a two-month survey carried out by Yangon-based Thura Swiss research and consultancy company.

The firm’s CEO Dr Aung Thura told Mizzima that their in-house survey team conducted 2, 892 interviewees with people in a wide variety of careers in face-to-face interviews in 34 townships in Yangon from August 4 to October 16.

“The average age of the interviewees [for the survey] was around 36,” he told Mizzima.

“There are still a high number of people who don’t hold bank accounts according to our current survey results,” Dr Aung Thura said.

The reasons could be that people don’t yet feel the need to save their money in banks because of low incomes, and there is not yet a strong level of trust by the people in the banks, he said.      

U Zaw Lin Htut, a Yangon-based independent banking consultant, told Mizzima: “The survey result is possible. The banking industry estimates that there is only around 10 to 15 percent of the population with bank savings in the country as a whole.”

He said it was essential that banks open more branches and provide more services for customers.

“If levels of income go higher and higher, bank savings accounts will grow in number. It is also necessary to build strong trust between the banks and customers,” he said.

Last modified on Friday, 21 November 2014 18:16