Regional Market Overview
Africa continues to be a rapidly growing region for Millicom. In 2015, our six Tigo operations accounted for 15 per cent of group revenues, with the biggest contributor, Tanzania, accounting for 37 per cent of Africa revenues. Our strong revenue growth in Africa has been largely offset by foreign exchange fluctuations. Most sectors reported revenue growth in local currency of 13 per cent to 19 per cent. Mobile contributed 87 per cent to the revenue of the region, with MFS contributing nine per cent. We are moving from a volume to a value proposition for our customers through constant innovation and better customer experience. In 2015, we launched high speed 4G LTE services in three of our markets, Tanzania, Rwanda and Chad. We also accelerated our initiatives for business customers, creating tailored Tigo Business propositions and upgrading our billing systems and local teams. MFS continues to be highly successful with savings products such as Tigo Sugira in Rwanda, the group savings product Tigo Paaré in Chad and our pay-out product Wekeza in Tanzania. We also strengthened the management team with the appointment of Cynthia Gordon, as EVP and CEO for Africa.