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WaveMoney, Yoma Bank collaborate to extend collateral-free loans

Wave Money has officially announced a collaboration with Yoma Bank Ltd to boost the development of micro, small and medium enterprises (MSMEs) in Myanmar.

Through the collaboration, Yoma Bank provides unsecured, instant credit to Wave Money agents to help these agents operate their businesses more productively.

Wave Money is a joint venture between telecommunications company Telenor and Yoma Bank to provide mobile financial services via a nationwide agent network or via a wave mobile account.

Yoma Bank says Wave Money agents will be able apply for the SMART Credit loan facility, which requires no collateral, quickly and easily. The interest rate for the SMART Credit Plus loans is 16 pc.

Daw War War Aung of Yoma Bank’s Digital Credit Department said Wave Money’s agents can apply online for the loan, which will be disbursed within one business day. The digital credit product for small businesses is the first of its kind in Myanmar.

The loan amount will be based on the agents’ Wave Money transaction volume and since it is applied for online, it will not require going to a bank branch, collateral, guarantors, or extensive documentation. Agents must clear a low monthly hurdle of transaction volume to continue to remain eligible for a Yoma Bank loan, so inactive agents lose access to the credit programme.

So far, Yoma Bank has disbursed over K40 billion to over 8000 Wave Agents,said Jason Loughnane, Head of Digital Credit at the bank.

Wave Money and Yoma Bank began offering Myanmar’s first real-time mobile wallet to bank linkage in August 2016, allowing Wave Money wallet users to instantly transfer funds to an account with Yoma Bank.

Agents who receive loans can instantly move the funds from their Yoma Bank account to their Wave Money wallet, enabling them to process more transactions for customers, while avoiding the hassle of travelling to conduct a physical deposit or withdrawal transactions.

Source: Myanmar Times

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