Telenor Myanmar has launched a mobile banking offering in collaboration with Yoma Bank.
The service is targeted at offering basic financial services in the country, where just 6% of the population has a bank account.
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Highlighting that banks typically focus on high-value customers, Petter Furberg, CEO of Telenor Myanmar told Myanmar Times, that it aims to "start at the bottom of the pyramid and work upwards, serving the segment that will not be served by the banks in general because the cost will be too high."
The new service will leverage Telenor’s distribution network in the country and capitalize on the established brand name of Yoma who has deep knowledge on money transfer services.
Serge Pun, chairman and CEO of Yoma, said, that the limit on the size of a transaction will likely be $500.
The entities have already started setting up IT infrastructure and appointing workers and setting up IT infrastructure.
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By GlobalDataHowever, the Central Bank of Myanmar is yet to issue guidelines on the new operator-led mobile money service.
