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VENTURES AFRICA- Tigo, Tanzania’s third-largest mobile phone operator, has launched the first cross-border mobile money service that allows subscribers in Tanzania and Rwanda to make dual currency mobile money transfers.
The new service allows Tigo subscribers in Tanzania to send money from their Tigo Pesa accounts to Tigo Cash subscribers in Rwanda and vice versa, explained Diego Gutierrez, Tigo Tanzania General Manager .
“The system integrates currency conversion, whereby money is sent in either Tanzania Shillings or Rwandan Francs and delivered already converted into in the currency of the recipient’s country,” Tigo said in a statement.
Once the remittance is received, customers can use the funds to access all the services and benefits that Tigo Mobile Financial Services offer. These include airtime top ups, utilities payment, transfers to bank accounts, cash withdrawals at any Tigo agents, and convenient transfers to other mobile money users.
This new product will save customers’ time and money. International senders can now send money directly from their phone, Gutierrez said.
Tanzania is Rwanda’s second most important trading partner. In 2013, Rwanda imports from Tanzania amounted to $80 million while Tanzania received imports valued at $231.6 million from Rwanda the same year.
With 27 million mobile subscribers, representing 23 percent market share in East Africa’s second largest economy, Tigo hopes the service would benefit trade by helping exporters and importers.
Tigo is a subsidiary of the international telecommunications and media company Millicom, a leader in thirteen markets across Africa and Latin America.