Millicom Launches the World’s First Mobile Money Service with Automatic Returns to Users
September 10 2014 - 4:11AM
Business Wire
Millicom (Stockholmsb�rsen: MIC) (STO:MIC), (NASDAQ:MICC), the
international telecommunications and media company, announced today
that its Tigo operation in Tanzania has launched the world’s first
mobile money service which offers users the opportunity to
automatically earn a return on their balance direct to their wallet
without the need for a separate registration.
The service in Tanzania is called Tigo Wekeza (“Tigo Invests”),
and will allow over 3.5 million Tigo Pesa users to benefit from
quarterly payments based on the balance held in their account.
Tigo Pesa users in Tanzania will also have the option to
nominate a non-profit beneficiary, in line with their personal
cultural belief.
Commenting on the new service today, Millicom’s President and
CEO, Hans-Holger Albrecht said “This innovation reflects our
commitment to develop mobile money into an even more attractive
service and will extend financial inclusion further. It comes in a
year when we have already pioneered cross-border mobile money
transfers with automatic currency conversion as well as a unique
interoperability arrangement with other operators in Africa.”
The Chief Regulatory Officer of the GSMA, the mobile industry’s
global association, Tom Phillips added “This new service is a
further example of the many pioneering ways in which the industry
supports inclusive financial and social policy goals.
Congratulations to Tigo. I look forward to seeing other operators
offering similar services.”
Earlier this month a one-time return to Tigo Pesa users based on
their accrued balances was announced. The trustees of these funds
were able to achieve an aggregate return of 9.2% for the
beneficiaries. This and the new service has been authorised by the
Bank of Tanzania following the announcement of new policy by the
central bank earlier this year.
Millicom has 4.7m mobile money customers in its six Tigo
operations in Africa and 2.7m in five countries in Latin
America.
About Millicom
Millicom is a leading international telecommunications and media
company dedicated to emerging markets in Latin America and Africa.
Millicom sets the pace when it comes to providing digital lifestyle
services to the world’s emerging markets, giving access to the
world, primarily through mobile devices. Operating in fourteen
countries, primarily using the Tigo brand, Millicom offers
innovative and customer-centric products. Millicom employs more
than 10,000 people and provides mobile, cable, broadband, TV
content, online and financial services to over 50 million
customers. Founded in 1990, Millicom is headquartered in Luxembourg
and listed on NASDAQ OMX Stockholm under the symbol MIC. In 2013
Millicom generated revenue of $5.16 billion and EBITDA of $1.9
billion.
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For more please visit: www.millicom.com or:Press
Enquiries:Julian Eccles, VP, Corporate Communications+44 7720
409374press@millicom.comorInvestor Enquiries:Nicolas Didio,
Director of Investor Relations+44 203 249
2220investors@millicom.com
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