Home Insider Insider News Telenor and Yoma Bank Test Mobile Money Service

Telenor and Yoma Bank Test Mobile Money Service

Telenor and Yoma Bank have begun testing mobile commercial financial services, where customers can transfer and receive the link-up called wave money through local storefronts, “Wave shops”. Myanmar has overhauled and improved its telecommunication industry by liberalizing the market and allows two new foreign operators, Telenor and Ooredoo into the country. They are widely popular across the country. However, mobile payment systems have not been widely used by customers. In Myanmar, all transactions have still been made with cash in hand delivery. This Telenor and Yoma bank launch brings mobile money service into Myanmar.

Wave Money CEO Brad Jones said that Wave Money has not got fully successful yet, but was engaged in testing with a number of retailers and distributors in Upper Myanmar and would test -run this service further for next two months. Once the draft of Mobile Financial Services Regulation has been approved, in early 2016, they expect to get regulatory approval for a full launch from the Central Bank of Myanmar. This is the prospect of providing services to aid the Government of Union of Myanmar in reaching its financial inclusion targets. The government also aims to bring financial services up to 40% of people by 2020. Joint Venture between mobile operators and banks is the best way to expand the reach of fnancial services in Myanmar to the unbanked places today that already mobile have distribution networks in place. Vast majority living in rural areas, have not widely used bank accounts or facilities yet.

Telenor Myanmar CEO, Petter Furberg said that the strategy of this mobile money service is targeting and serving the mass market. This service can connect people who did not have a chance to be connected before.