STOCKHOLM--(BUSINESS WIRE)--Millicom (STO:MIC)(NASDAQ:MICC) announced today that customers of its Tigo Pesa mobile money service in Tanzania will be the first in Africa to be able to transact with users of all their country’s mobile money networks following an agreement with Vodacom’s M-Pesa service. The agreement means that four million Tigo Pesa users will for the first time be able to exchange money with six million M-Pesa customers in Tanzania later this year. They will be able to do this in the same way that they do already with Airtel and Zantel customers following the launch of similar services with Tigo in 2014. These were the first examples of such “interoperability” in Africa.
Commenting on the announcement today, Millicom’s Executive Vice President for Africa, Arthur Bastings, said “With Tigo Pesa customers will now have Africa’s first universal mobile money exchange system. They will be able to safely and securely transact with millions more people across the country. It’s another first for Tigo Pesa and Tanzania. Following the success of the service with Airtel and Zantel, we hope many more Tanzanians will choose mobile money so that everyone benefits and we can extend financial inclusion even further. We also intend to pioneer similar agreements with networks elsewhere.”
The initiative with M-Pesa follows a series of Tigo Pesa innovations within the last year which have included:
- cross-border mobile money exchange with currency conversion included
- the first inter-network mobile money exchange with Airtel in 2014 and
- quarterly returns on Tigo Pesa balances.
Millicom’s Tigo mobile money services have been shortlisted for an award for their innovation at next week’s GSMA annual global mobile industry event in Barcelona.
About Millicom
Millicom is a leading telecommunications and media company dedicated to emerging markets in Latin America and Africa. Millicom sets the pace when it comes to providing innovative and customer-centric digital lifestyle services to the world’s emerging markets. The Millicom Group employs more than 16,000 people and provides mobile services to over 56 million customers. Founded in 1990, Millicom International Cellular SA is headquartered in Luxembourg and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2014, Millicom generated revenue of $6.4 billion and EBITDA of $2.1 billion.
For more please visit: www.millicom.com
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