Yoma Bank’s JZü Gains Momentum After Successfully Being Launched Since July
JZü, Myanmar’s First Prize-Linked Account, Is Becoming Attractive to Those Who Want A Chance to Double Their Deposits
Dec 17, 2018
Yangon, Myanmar – December 17, 2018 – It was just five months ago when Yoma Bank introduced its new JZü account. JZü, a Prize-Linked Account (PLA) offers a 3% an annual interest rate and a chance to double the account’s monthly minimum balance every month. JZü accounts with a minimum balance of 200,000 MMK are eligible to participate in the monthly draw for a chance to double the monthly minimum balance. Within the first 5 months of launch, JZü attracted over 17,000 new accounts. Yoma Bank’s JZü is Myanmar’s first prize-linked account created with an ambition to encourage people to be a part of the formal financial system. An official brand ambassador red panda named RED was also introduced to promote JZü!
“At Yoma Bank, we try to find ways to innovate and improve customers’ experience. JZü is the first prize-linked account in our financial sector and Yoma Bank is proud to introduce the concept to the people of Myanmar,” said Mr. Hal Bosher, CEO of Yoma Bank. “We hope that JZü will be attractive for those who are reluctant to use the banks and encourage them to have good financial habits starting with a JZü account at Yoma Bank,” Mr. Bosher added.
A total prize over 230 million MMK was paid out combined from July to November monthly draw. 122 account representing 61 Yoma Bank branches across Myanmar doubled their JZü accounts’ balances. The monthly draw events are hosted every second Thursday of each month. The highest amount being 100 million prize was received by customer Daw Hnin Hnin Yu from the Bayinnaung Yoma Bank branch in the month of September draw.
“I am so happy that I won! This is a great encouragement for me to save money in an account.”, said customer Daw Hla Hla Chit, 4.7 million prize recipient of JZü September draw. “You can have the chance double your money just by keeping it in the account and I also earn interest. Before, I did not really like having a bank account, but JZü is very easy to understand and easily accessible from Yoma Bank mobile banking application,” she added.
JZü can be opened at any 74 Yoma Bank branches. On top of a 3% annual interest rate, which is calculated daily and paid monthly, each account will be able to participate in the monthly draw for a chance to double its monthly minimum balance by maintaining a 200,000 MMK of minimum balance in the JZü account. All winners are selected randomly by a software, and the monthly draw process is executed under the supervision of an independent 3rd party to ensure that all processes (internal and external) relating to the reward pool and reward distribution are aligned and compliant to the rules and regulations. The prize draw will be broadcasted “Live” on Yoma Bank’s Facebook Page, on every second Thursdays of the month.
Unlike other accounts, JZü enables the account holders to withdraw up to 0 MMK balance in their account at any time. However, customers would have to maintain a 200,000 MMK minimum balance and above in their accounts in order to participate in the monthly prize draw. Customers’ account with minimum balance dropping below this threshold during the month will not be eligible to participate in the monthly draw.
Interested new customers are encouraged and can open a JZü depositing a minimum of 200,000 MMK before the 16th of each month. The number of winners per month will vary depending on the amount of balance of the winners. All eligible account holders will get an equal chance to participate in a monthly draw selection. If the winners have small balances, there will be more winners. The prize draw for each month will continue on until the allocated reward pool is depleted.
On the 2nd working day of every month, eligible account holders will be notified via SMS of their eligibility. The day after the draw event, winners’ names and parts of their account number will be published on Yoma Bank’s social media pages and website. Account holders who win the draw will get their minimum account balance of the previous month reflected into their accounts within 10 days. Each account holder is allowed to win only one time per month.