Tigo offers money transfer service
For Tigo subscribers, this Friday the 13th was a lucky day, since from now on they will be able to send and receive money through a money transfer service offered by the telecom company.
Tigo CEO Tom Gutjahr explained that the new service is compliant with the country’s banking regulations on payment service providers and was earlier this year approved by the National Bank of Rwanda.
He further pointed out that after several months of testing the system, users will find a new convenient, secure and affordable way of sending money by simply using their mobile phones.
The product is available to anyone over 18 years with a Tigo SIM card and a valid national identity card for registration. Gutjahr pointed out that one doesn’t need to have a bank account rather the SIM card would serve as financial account.
“Basically if you have money in your mobile phone and you can send and receive money anytime, while those who are not Tigo Cash users will be able to receive cash from other Tigo Cash users,” Gutjahr remarked.
Currently, the second largest telecom company in Rwanda has similar services operational in Ghana, Tanzania and three markets in Latin America.
Tigo has trained money transfer agents and plans a comprehensive communication campaign to sensitize the public on the benefits of the new financial service. Tongai Muramba, one of the product managers explained that in the long run the service would go regional. “We understand the importance of regional integration within the global economy,” he said.
Tigo has also teamed up with Commercial Bank of Rwanda (BCR), which will be the host of the Tigo Cash trust account.