Tigo launches cross-border money transfer service in Africa

25 Feb 2014

Millicom-backed mobile operator Tigo Tanzania and its sister company in Rwanda have launched a new cross-border mobile money remittance service. A report from CIO East Africa says the new system is the first in the world to integrate currency conversion so that a customer in Tanzania can send an amount in Tanzanian shillings and the recipient in Rwanda will receive the payment in Rwandan francs. Previously an international transfer would involve the conversion of cash into US dollars and this would be sent via a remittance company and then converted into the required currency. Tigo Tanzania’s general manager, Diego Gutierrez, commented: ‘This new product will save customers time and money.’ Millicom operates Tigo-branded mobile services in a number of countries across Africa and Latin America, and the firm is keen to introduce the new international money transfer service across its entire footprint.

Rwanda, Tanzania, Millicom Tanzania (Tigo), Tigo Rwanda (now part of Airtel Rwanda)