Tigo pioneers world’s first mobile money transfer with currency conversion
For the first time ever, mobile money users will be able to transfer cash across borders with currency conversion automatically included.
Two of Millicom\'s operations in Africa are pioneering the new international money transfer service. Tigo Cash users in Rwanda and Tigo Pesa customers in Tanzania will be able to send each other money in their respective currencies without having to travel and queue at a traditional bank or money agent.
Using their mobile handsets, the service enables customers to use the funds to access a range of services in each country. These include airtime top-ups, payments for water, electricity, TV, transport, cash withdrawals at any Tigo agent and transfers to other mobile money users.
Speaking at a keynote session at the global industry Mobile World Congress event in Barcelona today, Millicom\'s President and CEO Hans-Holger Albrecht said: "This innovation means the benefits of mobile money can be extended to cross-border trade, allowing businesses and families to transfer money quickly and securely in East Africa. It\'s just another example of how Millicom adapts to its customers\' needs with digital solutions."
Notes to editors
Simultaneous events in Rwanda\'s capital Kigali and Dar es Salaam in Tanzania will mark the first ever cross-border transaction including currency conversion. Business leaders as well as The Higher Commissioners of Tanzania and Rwanda participated in the events in Kigali and Dar es Salaam respectively.
In Tanzania 2.7m of Tigo\'s 6m customers use mobile financial services (MFS) while in Rwanda 720,000 of the company\'s 1.94m customers enjoy mobile money. By the end of 2013 Millicom had 6.3m MFS customers overall, representing around one in six customers in the countries where it is available.
Millicom currently offers MFS in Tanzania, Ghana, Rwanda, DR Congo, Chad, Bolivia, El Salvador, Guatemala, Honduras, and Paraguay.
Millicom is a leading international telecommunications and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing digital lifestyle services to the world\'s emerging markets, giving access to the world, primarily through mobile devices. Operating in 15 countries, Millicom offers innovative and customer-centric products. Millicom employs more than 10,000 people and provides mobile, cable, broadband, TV content, online and financial services to over 50 million customers. Founded in 1990, Millicom is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013 Millicom generated revenue of $5.16 billion and EBITDA of $1.9 billion.