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April 14, 2014updated 04 Apr 2017 4:07pm

Tigo launches mobile transfer service in Tanzania

Tigo Tanzania has launched Tigo Pesa, a service that enables its subscribers to deposit and transfer money across 17 major banks across the country.

By Anita Schneider

Tigo Tanzania has launched Tigo Pesa, a service that enables its subscribers to deposit and transfer money across 17 major banks across the country.

Customers can deposit and transfer money from their Tigo Pesa accounts to their bank accounts or vice versa via their mobile phones.

The over 3m Tigo Pesa account holders can also pay any Tigo merchant directly from their bank accounts without having to first transfer the fund to their own wallets and then make the payment.

Prior to the introduction of this service, Tigo Pesa and partner bank customers had limited access to cash points.

They were forced to seek out a bank branch or ATM to access their funds, but now they can access their bank accounts on their phones.

The banks in partnership with Tigo are Exim bank, DCB, Standard Chartered Bank, Akibas Commercial Bank, TPB, BoA, Amana Bank, CRDB, NMB, Advance bank, Uchumi Commercial Bank, Maendeleo Bank, Mufindi Community bank, Mbinga community bank, Mwanga community bank, Njombe community bank and Tanzania Women’s Bank.

Andrew Hodgson, CFO of Tigo, said the partnership with the 17 banks, which comprise 80% of the market, is part of an ongoing initiative to integrate Tigo’s mobile financial services with those of other financial institutions in the country.

Related articles:

Tanzania Postal Bank, Airtel join forces to offer mobile banking services

People’s Bank enhances mobile banking network with Etisalat in Sri Lanka

ASB, Visa to introduce new mobile payment solution PayTag

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