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Myanmar’s Kanbawza Bank joins Western Union money transfer network

The Western Union Company (WU) has launched its services in 13 of Myanmar's 14 states and divisions, with the addition of 100 branches at Kanbawza Bank (KBZ Bank).

In January this year, the payment company introduced its money transfer services at six bank agents, allowing consumers from 74 countries to send money in Myanmar.

KBZ Bank international banking managing director U Nyo Myint said that many of its customers depend on their overseas family and friends’ regular financial support.

As a private retail bank with a large customer base in Myanmar, it is perfect to provide an essential service which serves as a vital link between citizens in the country and overseas, the bank said.

Following joining of the bank, the money transfer service is now being offered through a combined network of 250 bank branches across seven divisions and six states in Myanmar.

Headquartered at Englewood, Colorado, US, Western Union offers consumers and businesses with fast, reliable and convenient ways to send and receive money across the globe.

In 2012, WU completed 231 million consumer-to-consumer transactions globally, moving $79bn of principal between consumers, and 432 million business payments.

Founded in July 1994, Kanbawza Bank manages 102 branches across the country, as of March 2013, and delivers a series of banking products and services to its customers.