Wave Money launched in Myanmar

Wave Money, a joint venture between Telenor, FMI and Yoma Bank, launches mobile financial services in Myanmar. Wave Money is the first company to receive a license under the new regulation released by the Central Bank of Myanmar.

Written: Nov 2016

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The new joint venture offers simple and reliable mobile money financial services to the people of Myanmar through a convenient application and an extensive network of over 4,000 Wave Shops nationwide.

“Mobile financial services have revolutionized the way people store, remit and receive money in numerous developing countries across the globe. Tens of millions of people who have never had access to formal financial services now do, and benefits to national economies have been profound. In this respect, we are proud to be the first company in Myanmar to launch and also receive a registration certificate from the Central Bank of Myanmar,” says Brad Jones, Chief Executive Officer of Wave Money.

A long anticipated launch

Wave Money aims to make our services available for “everyone, everywhere”. At launch, Wave Money services are available through a distribution network of more than 4,000 Wave Shops covering 60% of all townships and most economic corridors in Myanmar.

“Building a strong distribution network is key to mobile financial services – as you need to cover both a sender and a receiver. A typical Wave Money customer is often a domestic migrant working in the cities sending money to their home village,” says Head of Sales, Marketing & Distribution Vibeke Krohn. By end of the year 2017, Wave Money aims to be available all over Myanmar covering all states and regions with more than 15,000 Wave Shops.

Engaging customers with Yellow Wave road shows

The Wave Money launch campaign consists of a combination of traditional above-the-line marketing including TV, radio and print, supported by a nationwide below-the-line customer engagement program.

“To engage and to educate customers about Wave Money and our services, we have developed a Yellow Wave road show program, covering 28 small and large cities during the launch period. The Yellow Wave road show has been a powerful vehicle in which to engage with and sign up customers. In addition, the Yellow Wave launch program provides a great avenue for employees to meet customers and understand their financial needs,” says Krohn.

Wave Money has launched with domestic remittance and phone top-up services, but will develop the product portfolio to include bill payments, saving and credit product with time.