Press Release: Millicom Launches Rwanda’s First Mobile-Based Savings Product with Tigo Cash

Wednesday, April 1, 2015

Millicom (Stockholmsbörsen: MIC), the international telecommunications and media company, announced today that its Tigo operation in Rwanda has launched the country’s first mobile-based savings product – Tigo Sugira – with Tigo Cash.

The service, launched with Urwego Opportunity Bank, puts Rwanda on track to reach its goal of 90 per cent financial inclusion by 2020, and will help boost the level of savings for Rwandans.

Tigo’s 2.5 million customers can sign up and open an account for free and within minutes, directly from their mobile by dialing *200*11# and selecting Tigo Sugira. All they need is a Tigo Cash account and a National ID. Customers can then instantly deposit and withdraw money from their savings account through Tigo Cash.

Tigo Sugira is the most convenient way to save, with an interest rate of seven per cent annually – the best in the market. Whether deposits, withdrawals or opening an account, the service is offered free of charge. Customers earn seven per cent interest based on daily average balance, no matter what their balance is, and this interest is paid quarterly.

With Tigo Cash’s large customer base and the biggest mobile money agent network in Rwanda, Tigo Sugira reaches people who have previously been excluded from the formal financial sector.

Commenting on the new service today, Tongai Maramba, CEO, Tigo Rwanda, said: “Once again, Tigo is proud to launch an innovative product. Tigo Sugira is setting new standards for simple and user-friendly financial products. We are very excited to empower our customers even further”.

Tineyi Mawocha, CEO of Urwego Opportunity Bank, added: “We are committed to bringing secure, convenient and affordable financial services to Rwandans who have traditionally been excluded from the formal financial sector, and we believe that Tigo Sugira aligns perfectly with this mission by enabling us to provide a secure and accessible savings product to all Tigo Cash customers in Rwanda.”

Millicom has 9.5m mobile money customers in its six Tigo operations in Africa and five countries in Latin America.

Source: Business Wire (link opens in a new window)

financial inclusion, telecommunications