News

MasterCard picks up Myanmar's KZB Bank

May 30, 2013

ATMs of Kanbawza Bank Ltd., one of the largest FIs in Myanmar, will now be able to accept MasterCard payment cards, the company has announced. KZB's expanded card acceptance comes in advance of the World Economic Forum to be held this June in Myanmar.

KBZ Bank boasts the largest branch network in Myanmar and operates 55 ATMs across the country. With the addition of KBZ, MasterCard and Maestro/Cirrus payment cards are now accepted at 140 Myanmar ATMs.

Antonio Corro, MasterCard country manager for Thailand and Myanmar, said that increased ATM acceptance would not only increase convenience for visiting forum members, but would also help facilitate the process of financial inclusion.

Myanmar was shut out of the world banking system for years due to economic sanctions imposed against a repressive military government. Recent reforms have led to the loosening of sanctions — and the restoration of the country's ATM network. Last November, MasterCard teamed up with Co-operative Bank Ltd. to facilitate the first ATM transaction to be made in Myanmar in eight years. 

It is expected that by the end of the year, more than 500 restaurants, retail outlets and hotels in Myanmar will be accepting credit cards, MasterCard said.

Read more about networking and connectivity.