Norwegian tele-giant Telenor is teaming up with Myanmar’s Yoma Bank to provide mobile banking services to the people of Myanmar.
The two prominent firms have already started working together in some areas like hiring skilled workers and selecting an IT infrastructure, though they are now waiting for clarity on the regulatory regime that will govern the service.
Only about 6 percent of the population has a bank account, meaning there is a vast unbanked population in the country, said Yoma Bank chair and CEO Serge Pun.
“They might be living in very remote areas where getting access to a branch of any bank is problematic. They might be in professions which don’t give them time to get to a bank – by the time they arrive it is closed,” he told Myanmar Times.
Read full article: Myanmar Times