Wave Money, a mobile financial services provider in Myanmar has issued a public statement indicating the company will take action for any excessive fees being charged by agents/shop keepers offering their services.
A representative from Wave Money said, “Anyone, if they are charged an extra fee, can inform us with details of their experience. Wave Money will find the solution for that complaint.”
Despite this statement from the company, a local resident of Mawlamyine City, still had to pay 7 percent per 1 lakh kyat they withdrew from a Wave Money shop agent.
“Whatever they say. When we withdraw the money, we have to pay a 7,000 Kyat fee per 1 Lakh kyat withdrawal. We have to pay this in cash. They do not accept mobile transfers from our account,” said the Mawlamyine resident.
Wave Money stated that some barriers between the market and bank services have impacted cash flow. These issues have affected other mobile financial service firms like KBZ Pay, when the Central Bank had issued limits on withdrawal amounts.
In February, there was a halt on mobile financial transferring companies following the coup. In March, some agents returned to offering services but the fee charges differed for those using the service.
