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Myanmar to have mobile banking

Yoma Bank of Myanmar and Telenor Myanmar are partnering to offer mobile banking in the country, with the aim of providing basic financial services. In Myanmar, only 6% of the population has a bank account. Telenor had launched mobile service in Yangon and said it has released one million SIMs in the capital in just one day. Telenor will combine its extensive distribution network in the country with Yoma’s established brand name, coupled with vast knowledge of money transfer services. There is likely to be a $500 limit on the size of a transaction. Bank-led mobile banking is already available in Myanmar, such as a service offered by Myanmar Mobile Money. Based on what officials have said in the past, the government is going to launch non-bank-led mobile payment licences as well, for which rules have already been laid out.

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