Changing Consumer Culture Patterns and Capitalization in Myanmar Society

Abstract

Financial inclusion can be defined as improving access to finance in a way that is helpful in resolving the problem of poverty and conflict between classes. On the other hand, the spread of digital finance is known to increase income and expand financial inclusion by expanding access to institutional finance for low-income groups such as rural areas in developing countries. Financial inclusion is of utmost importance to the financially marginalized class to increase access to finance. However, Myanmar has a low level of financial account ownership, less ownership of mobile money accounts, less experience in digital payments, low level of domestic remittance through official accounts, and low level of official account savings. In order to expand financial inclusion through mobile financial services, the following considerations are required. Expansion of mobile finance literacy is required. Next is the expansion of financial capabilities. Lastly, services and methods that can close the gap between women and the underprivileged should be sought.