Millicom, a Luxembourg-based telecommunications and media company, has entered into a strategic partnership with mobile money firm TransferTo to scale up its Tigo Money brand in Latin America.
Tigo Money enables millions of customers to send and receive money domestically and receive money internationally, as well as pay bills, use P2P services, use self-top ups, and make merchant payments.
The partnership covers all Tigo’s markets in Central and South America including El Salvador, Honduras, Guatemala, Bolivia, Colombia and Paraguay, where Tigo Money has over four million mobile money wallets users and works with over 11,000 mobile money agents.
Tigo and TransferTo have already signed a partnership to enable airtime transfers to Tigo’s African and Latin American territories.
Using TransferTo’s Mobile Money Hub, Tigo can accelerate the roll out of mobile money transfers to more customers across its markets. The Mobile Money Hub offers a dedicated, scalable and fully compliant solution for financial institutions to connect with millions of mobile money accounts worldwide via a single connection.
TransferTo CEO Eric Barbier said: "The TransferTo Mobile Money Remittance Hub will enable Tigo customers in multiple markets worldwide to have more control over how, when, and where they access funds via mobile."
Tigo product and commercial director Ronald Alvarenga said: "This partnership with TransferTo will allow Tigo Money to accelerate International remittances business into our digital wallets, by connecting more and more remittance partners around the world in less time and offering a reliable, fast and secure way for customers to receive their money.
"We aim to enable our customers to reduce their dependency on cash, increase their access to financial products and services whilst supporting Tigo’s expansion of its digital financial ecosystem."