What we refer to as Tigo Money in Latin America, we call Tigo Cash in Africa and Tigo Pesa in Tanzania. All three are dynamic, closely tailored product platforms that together form our world-leading Mobile Financial Services (MFS).
Demand for MFS is driven by the fact that many of our customers have limited access to more traditional banking services. The markets where we operate are largely cash-based economies with a significant portion of the local population classifiable as “unbanked”.
Together, this has opened up opportunities for mobile operators to provide financial services that can drive greater financial inclusion.
The rapid uptake of MFS reflects their growth potential where banking regulations allow.
In Africa, our active subscriber penetration is greater than 45% of our base. MFS is helping us to retain subscribers and uplift their ARPU through access to a wider range of services. In 2017, MFS revenues in Africa grew 11.5%, with Tanzania as our biggest growth contributor, driven mainly by increased ARPU and transactions as a result of improved customer engagement and partnerships.
VIDEO: A Cashless Day (LatAm)
VIDEO: Customer Case Studies (Africa)