CNBC Africa's Wekeza report
For the first time in mobile banking history, Tigo's new Wekeza service will ensure Tigo Pesa customers automatically earn a return on the average balance in their account/s.
10 September 2014 : News of Tigo Tanzania's new Wekeza product has drawn widespread interest and is widely tipped to be a game-changer within the mobile money industry.
Presss coverage was widespread, including this week's report by TV network CNBC Africa as part of its Closing Bell coverage.
“Basically people will see returns on the amounts of money they hold in their mobile wallet and they earn this returns on a quarterly basis at a competitive interest rate of about 7 to 9 per cent,” Diego Gutierrez, head of Tigo Tanzania told CNBC Africa.
“We want to think that we are the leading operator in regards to innovation in be everything that is related to mobile financial services. We are also growing very fast, we are a very healthy company, we are attracting subcribers, a significant amount of subscribers on a daily basis and we believe a move like this one is attractive,” Gutierrez said.
He added, “We believe a move like this one, a product like this one is so attractive that it allows people not only to transact but to also make a profit on their savings. We are really optimistic of what is coming ahead.”
“We as a company have been advocating for the company to grow. Mobile money is something that has been growing in East Africa at a very accelerated rate. It is the leading part of the world in regards to mobile financial services and obviously we see a transition of the informal sector to the formal sector and we see the move slide into this side of the economy,” Gutierrez said.
Earlier in the year, Tigo initiated a multi-currency mobile money transfer service for its subscribers both in Tanzania and Rwanda.