Yoma Bank, part-owned by Norway’s development finance institution Norfund, has partnered with global payments network MoneyGram to enable near-instant cross-border money transfers to Yoma Bank accounts across Myanmar.
The service allows customers in Myanmar to receive funds sent via MoneyGram directly into their Yoma Bank accounts which they can access using the Yoma Bank Next Mobile Application or by visiting a branch.
Myanmar has a large overseas workforce, with significant numbers employed in Thailand, Malaysia, Singapore, South Korea, and the Middle East, particularly in Saudi Arabia and the United Arab Emirates. These workers send home billions of dollars annually, making remittance services a vital part of the country’s economy.
Ahmed Aly, Business Head for the Middle East, South Asia and Asia Pacific at MoneyGram, said the collaboration will help migrant workers support their families more easily.
“This partnership marks another step toward financial inclusion, offering Myanmar’s migrant workers a modern, reliable way to support their loved ones,” he said.
Daw Khin Mu Mu Myint, Chief Customer Officer at Yoma Bank, said the partnership reflects the bank’s commitment to enhancing value for its customers.
“We are extremely happy to partner with MoneyGram and enhance our added value to our customers to receive seamless global remittance,” she said.
Yoma Bank was the first local bank in Myanmar to welcome a foreign financial institution. Norfund became a strategic partner in 2020, in what the bank calls a demonstration of its strong position in the financial sector and commitment to sustainable growth.
MoneyGram serves over 50 million people a year in more than 200 countries and territories and is headquartered in Dallas, Texas, with offices in 36 countries.
