Milicom Tigo Money

Millicom International Cellular

Tigo Money is a microfinance service offered by Milicom in countries where users do not have access to formal banking institutions.

Product description Brand name and product description

Tigo Money financial services include money transfers, interest earning mobile money accounts, micro-credit, payments and billing. Transactions can be made from a Tigo Money agency, from the Tigo Money menu on a cellphone, or from the Tigo App, available on the App Store and on Google Play.

Note that the service is called Tigo Money in Latin America, Tigo Cash in Africa and Tigo Pesa in Tanzania.

Target region(s) Target region for distribution/implementation (listed by country if specified)

Nine different markets in Africa and Latin America:

– in Africa: Ghana, Tanzania, Chad, Rwanda, Senegal;

– in Latin America: El Salvador, Guatemala, Paraguay, Honduras, Bolivia;

Distributors/implementing organizations Organization(s) distributing/deploying this product directly to communities/individuals?"

Tigo Money is operated by Milicom, an international telecommunications and media company..

Market suggested retail price Price per unit or service price per usage/terms (USD). Subsidies noted.

Subscription to Tigo Money is free. Tigo Money services are then paid individually.

Services charges in Tanzania:

– Withdrawing USD 1: USD 0.16

– Sending USD 1 to a Tigo Money User: USD 0.02

– Sending USD 1 to a Non Tigo Money User: USD 0.16

– Checking balance: USD 0.022

(USD 1 is TZS 2,185, as of July 2016)

Services Charges in Ghana:

– Withdrawing USD 10: USD 0.20

– Sending USD 10 to a Tigo Money User: USD 0.13

– Sending USD 10 to a Non Tigo Money User: USD 0.33

(USD 1 is GHS 3.94, as of July 2016)

Services Charges in Bolivia:

– Withdrawing USD 10: USD 0.72

– Sending USD 10 to a Tigo Money User: free

– Sending USD 10 to a Non Tigo Money User: USD 0.72

(USD 1 is BOB 6.85, as of July 2016)

Competitive landscape Similar products available on the market. May not be a comprehensive listing.

MTN Mobile Money in East Africa; M-PesaBitPesaBim in Peru.

SDG targeted United Nations Sustainable Development Goals (SDGs) targeted with this product/application/service

Goal 2: Tigo money works to advance financial inclusion which allows better financial opportunities to deal with risks such as disease, famine, food and health emergencies, among others.

Target user(s) Target user/consumer base (country, income segment)

Individuals excluded from banking services.

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