Mawlamyine, September (18)

On September 16, the regimes’ Central Bank of Myanmar (CBM) issued a statement stating that Wave Money and KBZPay Wallet accounts that have not been upgraded to Level 2 and contain incomplete personal information will be frozen.

It stated that the names, NRC numbers, and SIM card numbers registered with the Ministry of Immigration and Population and the Communication Department will be checked against the information in the mobile wallet account registered on the electronic system.

Mobile wallet users are required to fill in their personal information completely, and if they are not filled in within the specified period, the accounts will be frozen.

Mobile wallet users need to upgrade their personal information to level-2 in time at the nearest representative banks or mobile money service centers, and those who do not want to upgrade can contact banks and service centers to use the remaining balance.

The central bank announced that this investigation was conducted because fraudsters use mobile payment systems without filling in the information correctly, and there are cases of illegal money transfers and financial fraud.

The move by the Central Bank of the Military Council is to prevent the people from providing financial support to the revolutionary forces through mobile wallet apps and to make it difficult to cash in and cash out, a service operator said.

Last month, the Junta’s central bank ordered mobile money services to install CCTV cameras in their shops and to take pictures of customers with hidden cameras.

News –Than Lwin Times

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