Tigo Tanzania launches mobile money savings service

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TIGO Tanzania has launched Tigo Wekeza - “Tigo Invests” - the world’s first mobile money service that allows customers to earn automatic returns on their balance. The service, which allows users to earn returns direct to their wallets without the need for a separate registration, allows the more than 3.5 million Tigo Pesa customers to benefit from quarterly payments based on the balance held in their accounts.

It will also allow users to nominate a non-profit beneficiary, in line with their personal cultural beliefs. “What this means to our customers is that Tigo Pesa will no longer be just a service to only send and receive money, it is also a means to make an extra earning through the newly added feature – Tigo Wekeza,” said Tigo General Manager Diego Gutierrez, during a launch ceremony held in Dar es Salaam.

Last week Tigo announced the distribution of 14.25bn/- to Tigopesa users from its Tigopesa Trust Account, making it the first telecom company in the world to share its earnings through mobile money.

Tigo-Tanzania-launches-mobile-money-savings-service

The profit share followed an approval from the Bank of Tanzania (BOT) in July this year that authorized the company to distribute profits accumulated in the Trust account for the four years that Tigopesa has been in place.

“With Tigo Wekeza now in place, we expect this value to grow as more and more subscribers start and continue to regard Tigo Pesa as a store of value and wealth creation. We also expect to see an expansion in the country financial inclusion in the long run,” the general manager said.

According to Mr Gutierrez, Tigo Pesa users will be given the option to nominate a non-profit beneficiary, in line with their personal cultural belief.

To access the funds all a customer needs to do is to send the word wekeza by sms to a special number dedicated for the Tigo Wekeza service 15514.

The new service, the general manager said, is in line with the company’s commitment to develop mobile money into an even more attractive service in the country, particularly to people in rural areas without adequate access to financial services institutions.

The service comes barely six months after Tigopesa in Tanzania linked up with a similar service offered by Tigo Rwanda known as Tigo Cash to pioneer the world’s first cross-border mobile money transfers with automatic currency conversion.


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