In most Millicom markets, 80 per cent of the population is unbanked
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 for an award winning range of world-leading Mobile Financial Services (MFS).
Each of them simplifies and represents MFS to customers in nine very different markets (Ghana, Tanzania, Chad, Rwanda, Senegal, El Salvador, Guatemala, Paraguay, Honduras) where so many customers do not have access to formal banking institutions.
The take-up has been rapid with more than 9.6 million customers (Q1 2015) - more than nineteen per cent of our customer base within our MFS markets - now using services that range from international remittances and money transfers, to interest earning mobile money accounts, micro-credit, payments and billing.
At a glance, 6.12 million of these are in Africa, 1.9 million in Central America and 1.45 million in South America. In Tanzania, more than 50 per cent of the customer base uses MFS.
Since launch, Tigo Money, Tigo Cash and Tigo Pesa have together shown consistent and strong growth. We added 110,000 new active users in Q1 2015 alone while year-on-year, we added 1.3 million users in Africa with overall MFS revenue up 43 per cent.