CB Bank signed a deal with Diebold Nixdorf, a company that provides ATMs, security and software for e-commerce, for the roll out of 500 new CB Bank ATMs across the nation.
That new deal doubles the number of CB Bank’s ATMs, from 500 to 1000, and significantly increases their share of total ATMs throughout the country, which stands at approximately 1500 for Myanmar’s 54 million people.
“With the help of their (Diebold Nixon) advanced technology and services provided, we aim to become one of Myanmar’s top banks offering secure, innovative and convenient cash services across our branch, online and mobile channels.” said U Kyaw Lynn, CEO and Executive Vice Chairman, at CB Bank.
“We are enabling CB Bank to extend the reach of its self-service offerings and win a greater share of Myanmar’s growing market for cash services,” said Neil Emerson, Senior Vice President & Managing Director, Asia Pacific, at Diebold Nixdorf.
Despite strides taken in recent times by banks and international payment companies, Myanmar remains a cash based economy.
Even with the planned addition of 500 new ATMs, a deep routed mistrust of formal financial institutions in Myanmar means it is likely to be many years before consumers start to ditch cash for plastic.
The country only received its first ATM in 2011 and trails far behind other countries in the region in terms of access to self service cash points. Vietnam for example, with a population of some 90 million, has 17,500 ATMs.
Source: Myanmar Business Today