Banks in Myanmar

The Financial Institutions Law 2016 forms part of the legal framework for banking in Myanmar. Only institutions licensed by the CBM may accept deposits. The Myanma Economic Bank (MEB), Myanma Foreign Trade Bank (MFTB), Myanma Investment and Commercial Bank (MICB) and Myanma Agriculture and Development Bank (MADB) are state-owned examples. Private banks include KBZ, AYA Bank, CB Bank, Yoma Bank, MAB, UAB, MCB, AGD, FPB, GTB, MWD Bank and SMEDB. Foreign banks and foreign bank branches form a separate group and should be checked against the current CBM information. A Myanmar Banks Association snapshot listed 31 member banks, including 27 private and 4 state-owned banks, but this figure is not a complete current list of CBM licences. Banks commonly offer savings or passbook accounts, current accounts, call deposits, fixed deposits, minor accounts and foreign-currency current accounts. Interest, withdrawal frequency, minimum balances and fees depend on the bank and product. A personal account commonly requires a National Registration Card (NRC), photographs, an address, occupation and mobile number. Some banks also request an introducer or proof of the source of funds. For example, a KBZ savings account has been documented with an original NRC and an initial or minimum balance of MMK 1,000, while a KBZ current account may require two introducers and an initial or minimum balance of MMK 1,000,000. These are bank-specific examples rather than nationwide rules. Foreign customers face separate access conditions. A documented CB Bank local-currency account process uses a passport and visa, with stay-duration requirements that vary by status. A non-citizen may need at least three months or 72 continuous days on the relevant visa, while a resident work-visa holder may need more than six months and 183 continuous days of continuous stay. The documented initial or minimum balance is MMK 1,000, and the account does not pay interest. Branch staff should confirm the current requirements because immigration status, product rules and bank procedures can change. A business account may require registration and corporate documents from the Directorate of Investment and Company Administration (DICA), a Certificate of Registration or incorporation, MyCO records, the memorandum and articles of association, Forms 6 and 26, a board resolution, authorised signatures, NRC or passport copies and source-of-funds evidence. An export or import registration may also be relevant to the business activity. The bank decides which documents and signatories it will accept for the specific company and transaction profile. Banks provide branch and over-the-counter service, ATMs, mobile banking, internet banking and, in some areas, agent access. Availability differs by region, conflict conditions, electricity, network coverage, cash stocks and the individual bank. Myanmar Kyat (MMK) cash remains dominant. Other channels include bank transfers, the CBM-Net system, cheques, payment orders, ATM withdrawals, point-of-sale payments, e-commerce payments, mobile banking, internet banking and agent-based over-the-counter transactions. The Myanmar Payment Union (MPU) operates an interoperable network for ATMs, point-of-sale payments, e-commerce and interbank fund transfers. A card works across the relevant network only where the card, ATM or merchant displays compatible participation. MyanmarPay/MMQR is a national QR-payment standard and digital payment switch launched on 28 February 2025. It connects participating banks and wallets, but acceptance, limits and settlement depend on the merchant and provider. Mobile financial services (MFS) are electronic or personal payment services provided by mobile-network companies or CBM-licensed non-bank financial institutions. Wallet providers such as Wave Money, KBZPay, CB Pay, AYA Pay and OnePay support combinations of cash-in, cash-out, transfers, bill payments, QR payments, bank linkage and remittances. Wave Money has reported more than 60,000 agent shops. A wallet can support transactions without a bank account, but it should not automatically be treated as a bank deposit or a savings and credit product. Cards may be MPU debit cards, bank-specific debit, credit or prepaid cards, or selected Visa, Mastercard or UnionPay co-branded products. Overseas and online acceptance is not universal. The issuing bank sets card, ATM and transaction limits and may require a registered SIM, PIN, one-time password (OTP) or 3-D Secure verification. Check the current fees, limits and supported merchants before relying on a card. Myanmar has a deposit-insurance system operated by Myanma Insurance. The documented insured amount ranges from MMK 100,000 to MMK 1,000,000 per depositor, with a reported premium of 0.12% and insolvency compensation of up to 60% of the insured sum. Coverage, eligible products and currency treatment should be confirmed with the bank because the available evidence does not establish a broad full guarantee for every deposit. Account access and cash availability can be affected by withdrawal limits, inflation, conflict, electricity and network disruption. World Bank figures reported banking-system assets of 84.1% of GDP, or MMK 124.5 trillion, in December 2024; private credit was reported at 30.6% of GDP, or MMK 49.6 trillion, and selected-bank non-performing loans at 18.4% in financial year 2023/24. These figures describe a particular date and sample, not the current condition of every bank. Yangon, Nay Pyi Taw, Mandalay, rural areas and conflict-affected areas can have materially different access conditions. Foreign-currency accounts may use USD, EUR or SGD. Foreign-exchange purchases, cash withdrawals, repatriation and international transfers are subject to CBM foreign-exchange rules and the bank's correspondent-banking arrangements. MFTB and MICB were designated by the United States as Specially Designated Nationals in 2023, which creates U.S.-specific restrictions and does not automatically prohibit every transaction with every Myanmar bank. FATF classified Myanmar as subject to a high-risk call for action on 19 June 2026, increasing due-diligence pressure; humanitarian and remittance flows are intended to be handled on a risk-sensitive basis. Provide truthful identity, address and source-of-funds information and keep account agreements, receipts and statements. A bank may request additional documents and monitor transactions under know-your-customer, anti-money-laundering and counter-terrorist-financing rules. Never share a PIN, password or OTP, install a remote-access application for a caller, or send NRC, SIM or account details to an alleged support agent. Use the bank's official application, website, hotline or verified account. Report a suspicious transaction immediately, block the card, SIM or wallet when necessary, and begin with the bank or wallet provider. Myanmar has no broadly evidenced independent bank ombudsman system in the reviewed sources; unresolved complaints may require escalation to the Myanmar Banks Association, the CBM or the relevant authority. Fees, transaction limits, branch availability and service times are dynamic, so confirm them directly with the selected bank or provider on the date of use.