Financial inclusion for the unbanked
Mobile money has revolutionized financial inclusion over the last decade as people with limited access to traditional “bricks and mortar” banking services turn to their mobile phones instead.
The number of unbanked adults has fallen as a result, whilst our Tigo Mobile Financial Services (MFS) have become world leaders and key enablers, often as the only financial service available in large areas of our markets.
Tigo Money products, for example, are consolidating into one of the largest mobile money operators in Latin America. In El Salvador, Tigo Money reported almost one transaction per second in 2017, with a total of more than US$515 million transacted for the year.
In Africa, Tigo Pesa and Tigo Cash have changed the mobile money landscape, introducing groundbreaking new products and services, often for the very first time.
There is scope for growth as we optimize our agent networks and develop the ecosystem through increased synergies with B2C Mobile and B2C Home. Our active subscriber penetration is greater than 45% of our base, and MFS is helping us to retain subscribers and uplift their ARPU.
We also focus on MFS as a key driver in closing the widening gender gap in digital technology.
According to the GSMA, 200 million fewer women than men now own a mobile phone in low and middle income countries worldwide. Through MFS we develop services designed specifically for women in business, for female entrepreneurs, as well as for rural communities and farming organisations.
All of our operations have signed up to the GSMA's Connected Women Commitment Initiative and see MFS as a powerful tool to increase our female customer base and empower women through access to greater financial control of their lives.
In 2017, Tigo Tanzania launched the Tigo Korosho payments solution that offers members of 40 cashew nut Agricultural Marketing Cooperative Unions (AMCOs) reliable, secure and direct access to receive or send money.
We work closely with international humanitarian organisations to deliver financial aid to communities and families most in need, often in remote areas.
As more people no longer have to travel distances in order to manage money, MFS is changing lives.
VIDEO: Tigo Money - A Cashless Day