Tanzania’s Tigo give customers $3m for using mobile money

With another quarterly payment of Tshs 5.6 billion ($ 2,570,120), users of Tigo Pesa’s mobile financial services have even more reasons to store e-value in their Tigo Pesa wallets.

According to Ruan Swanepoel, Head of Mobile Financial Services at Tigo, Tanzania’s leading digital lifestyle company, the company has paid its mobile financial services users a total of Tshs 46.2 billion ($ 21,203,490) in quarterly payments since the launch of the service in July 2014.

“This profit share is payable to individual customers, retail agents and other Tigo business partners who each receive payment based on the e-value they stored in their Tigo Pesa wallets,” Swanepoel said.

“This underlines our commitment to provide financial access to our customers and the country at large through our Tigo Pesa services.”

He explained that the return to customers is calculated based on Tigo Pesa customers’ average daily balance stored in their mobile wallet, adding that this profit share distribution scheme is in line with the Central Bank Circular issued in February 2014.

Swanepoel said that this year’s second quarterly profit share recorded a growth of 8 percent, attributing the surge to favourable interest rates on the trust funds placed with various commercial banks.