Millicom has announced that its Tigo operation in Tanzania has launched the world’s first mobile money service which offers users the opportunity to automatically earn a return on their balance direct to their wallet without the need for a separate registration.
The service in Tanzania is called Tigo Wekeza (“Tigo Invests”), and will allow over 3.5 million Tigo Pesa users to benefit from quarterly payments based on the balance held in their account.
Tigo Pesa users in Tanzania will also have the option to nominate a non-profit beneficiary, in line with their personal cultural belief.
Commenting on the new service today, Millicom’s president and CEO, Hans-Holger Albrecht said: “This innovation reflects our commitment to develop mobile money into an even more attractive service and will extend financial inclusion further. It comes in a year when we have already pioneered cross-border mobile money transfers with automatic currency conversion as well as a unique interoperability arrangement with other operators in Africa.”