The United Nations Capital Development Fund (UNCDF) and Wave Money, with support from the Australian Department of Foreign Affairs and Trade (DFAT), announced the launch of Shwe Toe, a unique financial education mobile gaming application aimed at increasing financial literacy for women in Myanmar.
This app aims to contribute to the achievement of Myanmar’s Financial Inclusion goals.
In 2016, Wave Money was selected as a winner of UNCDF’s SHIFT Challenge Fund Window on Fostering Innovative Business Models for Women’s Financial Inclusion. The SHIFT Challenge Fund seeks to support innovations from private sector organizations in ASEAN on accelerating financial inclusion, with a specific focus on women as entrepreneurs, employees and consumers. As a result, in early 2017, UNCDF and Wave Money announced the financial literacy project, which is a joint investment between Wave Money, UNCDF’s Shaping Inclusive Finance Transformations program (SHIFT), and UNCDF’s Expanding Financial Access program (EFA). Both programs aim to advance women’s financial inclusion in Myanmar.
A human centered design process was used to conceptualization the game and ensure the end product was the right fit for the socio-economic dynamics that exist in Myanmar. A local Myanmar company then developed it based on these concepts, which culminated in the development of Shwe Toe, a financial education mobile gaming application. Shwe Toe, meaning ‘Grow Gold’ in Myanmar, aims to educate women on complex financial concepts in a simple, fun, and memorable way.
Brad Jones, the CEO of Wave Money commented “The team at Wave Money is driven by our vision to create a fairer future for Myanmar. It is clear that empowering women has a positive impact not just on their own lives, but the societies they live in as well. Developing a digital product to enable empowerment of women is directly tied to our vision. We are honored to be working with UNCDF and DFAT to bring Shwe Toe to life, and are confident that it will improve understanding of financial concepts which will further boost financial inclusion in Myanmar.”
UNCDF Country Director, Paul Luchtenburg said, “UNCDF views financial literacy as the foundation for responsible financial inclusion. UNCDF’s partnership with Wave Money, with support from DFAT, is leveraging the rise of mobile phone ownership in Myanmar for widespread dissemination of practical financial concepts among the general public. Women are a specific target group for financial education, given the key money management and education roles they provide within Myanmar households. Wave Money’s innovative mobile app will lead to strengthened household finance management, and enable women to better access and use formal financial services.”