KBZ Bank earns Digital Inclusion Award - Myanmar at ESGBusiness Awards 2024
The bank was recognised for its outstanding contributions to bridging the digital divide in Myanmar.
KBZ Bank’s leadership in promoting digital inclusion has earned it the prestigious Digital Inclusion Award - Myanmar at the ESGBusiness Awards 2024. The recognition comes as a testament to the bank’s ongoing efforts to democratise financial access in Myanmar by leveraging digital technologies and innovations.
Through its Digital Inclusion initiative, KBZ Bank is making strides towards achieving 100% financial inclusion in the country.
At the heart of KBZ Bank’s strategy is its vision to bridge the digital divide by providing accessible and affordable digital banking services to individuals and businesses across Myanmar. This effort has been driven by the bank’s comprehensive digital banking ecosystem, which includes its online banking platforms—mbanking and ibanking—as well as its mobile wallet platform, KBZPay. These platforms have been instrumental in connecting Myanmar’s population.
The success of KBZPay, in particular, highlights the bank’s ability to reach and serve millions of people across Myanmar. Launched as the country's first bank-led digital mobile wallet, KBZPay has quickly become a cornerstone of KBZ Bank's financial inclusion efforts. With over 16 million downloads, the platform now connects 50% of Myanmar's adult population to the digital economy.
The sheer scale of KBZPay's reach is impressive, in May 2024, with a total transaction value of MMK370.35t since its launch. KBZPay has also processed peer-to-peer transfers worth MMK242.35t since its launch.
Innovative approach
KBZ Bank's commitment to innovation and digital transformation has been a key driver of its success. Since December 2020, the bank has pioneered digital banking services in Myanmar, beginning with the launch of its interbank transfer system. The bank’s digital journey continued with a core banking system upgrade in April 2023. These upgrades have allowed customers to access services such as fund transfers, payments, purchases, and cardless ATM withdrawals, all with advanced security features to ensure the safety of their transactions.
Beyond traditional banking services, KBZ Bank has introduced several innovative features aimed at fostering entrepreneurship and supporting small and medium-sized enterprises (SMEs). One standout feature is KBZPay Market, an e-commerce platform within the KBZPay ecosystem that offers a mobile shopping experience. This platform has created new opportunities for SME merchants, including 30% women-led businesses, by connecting them with new customer segments.
Future outlook
KBZ Bank's efforts extend beyond providing digital banking services—they also emphasise the importance of financial literacy.
The bank also conducts workshops to educate users about digital banking, safe practices, and cybersecurity. Lastly, KBZ Bank has conducted financial literacy workshops in universities, benefitting over 10,000 students from 29 institutions across the country.
In addition to its work with students, KBZ Bank has partnered with NGOs and vocational Training schools to bring financial education to communities throughout Myanmar.
KBZ Bank’s Digital Inclusion initiative goes beyond providing digital banking services. It is about creating opportunities for individuals and businesses, fostering economic growth, and building a more inclusive society. As KBZ Bank continues to innovate and expand its digital offerings, it remains committed to achieving 100% financial inclusion in Myanmar.
By empowering communities with access to digital financial services, KBZ Bank is helping to drive positive change and create a more equitable future for all.
The ESGBusiness Awards recognises companies that excel in sustainable practices, honouring businesses that show exceptional commitment to environmental, social, and governance standards.
The ESGBusiness Awards is presented by ESGBusiness. To view the full list of winners, click here. If you want to join the 2025 awards programme and be acclaimed for your company's outstanding commitment and achievement in environmental, social, and governance (ESG) practices, please contact Julie Anne Nuñez at [email protected].
