The move aims to ease the impact of the current situation for Yoma Bank customers by making transactions safer and affordable and to encourage a move towards a more cashless economy.  

Yangon, Myanmar – May 07, 2020 –   In an effort to support businesses that may be facing challenges from impact of Covid-19 and to ensure the continuity of accessible banking services to customers, Yoma Bank announced today a waiver of Over the Counter (OTC) interbank transfer commission fee for Yoma Account Holders effective Thursday, 7th May 2020. With this change, Yoma Bank becomes the first bank in Myanmar that will make interbank transfers free of charge for its customers during the Covid-19 period. 

This initiative supports the CBM recommendation to banks to make interbank transfers more accessible and to encourage customers to do more cashless transactions. Any Yoma Bank account owner is eligible for this benefit. For OTC funds transfers initiated by a customer from a Yoma Bank account to an account at a different bank, Yoma Bank will waive all fees, including the commission fee and CBM-Net fee. In addition, interbank transfers received by a Yoma Bank account owner will continue to not be charged a Yoma Bank commission fee. However, charges from other banks will still be incurred based on those banks’ CBM net pricing structure, including their commission and CBM-Net fee. 

“Customers have always been our priority and all the decisions we take are reflected with what our customers need. We understand that safety, convenience and affordability are the key things we need to leverage especially under the current situation. We believe this waiver will not only make transactions safer and affordable, it will also contribute to the move towards a cashless economy. We will continue to implement additional measures as and when necessary to support our customers in the time of difficulties,” said Mr. Dean Cleland, CEO of Yoma Bank. 

During the COVID-19 outbreak, Yoma Bank has undertaken several measures to help to resolve challenges being faced by the customers from the potential impact of COVID-19. In April, it has also introduced up to six-month principle loan repayment deferral program that helps address customers’ cash flow issues during the challenging period.