Tigo Launches Mobile Money Transfer Between Rwanda and Tanzania
The mobile network operator Tigo has started a cross border Mobile Money remittance service between Tanzania and Rwanda.
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. 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.
This, according to Tigo Tanzania General Manager Diego Gutierrez, is the first product of its kind in the world that allows dual currency international mobile wallet to mobile wallet transfers with currency conversion included.
According to Gutierrez, "This new product will save customers' time and money. International senders currently have to go to a money changer to exchange Rwanda Francs to dollars and then bring those dollars to remittance companies to send. They can now send money directly from their phone."
Millicom offers Mobile Financial Services in Tanzania, Ghana, Rwanda, DRC, Chad, Bolivia, Colombia, El Salvador, Guatemala, Honduras, Senegal and Paraguay and will extend its offering to more services and into more markets over time.
The new service will particularly benefit the businesses with cross-border trade. Tanzania is Rwanda's second most important trading partner. In 2013, Rwanda imports from Tanzania amounted to US$80.9 million while Tanzania received imports valued at US$231.7 million from Rwanda the same year.