KIGALI - Effective Friday 13^th of May 2011 subscribers on the Tigo Rwanda network will be able to sign up for Tigo Cash a new financial service in Rwanda that allows users to send and receive money from their phones.

The new Tigo Rwanda service is compliant with Rwanda’s banking regulations on Payment Services Providers and was earlier this year approved by the regulator, the National Bank of Rwanda.

After several months of testing the system, users will find a new convenient, secure and affordable way of sending and remitting money by simply using their mobile phones.

“Tigo Cash is basically a wallet on your mobile phone. It is a strong and unique value proposition, which our existing and future customers will find very compelling.  We are bringing a product that is safe, simple and convenient,” said Tom Gutjahr, the CEO of Tigo Rwanda.

“This product is available to anyone over 18 with a Tigo SIM and a valid ID for registration. You don’t have to have a bank account. Basically you have your money in your pocket on your mobile phone and you can send and receive money any time of the day or night.  If you are not a ‘Tigo Cash’ user, you will still be able to receive money from other Tigo Cash users,” he added.

Tigo believes in innovation, and has therefore invested in one of the most advanced systems in the market. Tigo already has similar services currently operational with Tigo Ghana and Tigo Tanzania, in Africa and in three other markets in Latin America. In Tanzania it is referred to as Tigo Pesa.

Tigo Rwanda has also extensively trained its Tigo Cash Agents and plans a comprehensive communication campaign to sensitize the public on the benefits of Tigo Cash. (Please see FAQ attached)

“In the interest of the East African Community, certainly in the long run, it is in our plans to integrate with our neighbors, as we understand the importance regional and broader integration with the global economy,” Tongai Maramba, one of the Product Managers of Tigo Rwanda said.

Tigo Rwanda is also proud to partner with one of Rwanda’s leading commercial financial institutions, Commercial Bank of Rwanda (BCR) to make this launch a success. BCR will be the host of the Tigo Cash trust Account.

Individual benefits of Tigo Cash:

• You can send money to anyone on any network in Rwanda with a mobile phone
• You can withdraw money from any Tigo Cash Agent within your location
• Tigo Cash is safe and risk free
• The service is fast and reliable
• Send and receive money wherever from the convenience of your phone
• You don’t need a bank account

Rwanda’s benefits of Tigo Cash: 

• Access to financial services for anyone who can afford a phone
• New revenue streams for business owners who become Tigo Cash Agents
• Lower transaction costs for small business owners
• Secure method for remittances
• Increased economic activity in Rwanda
• Sections of informal economy to be formalised through a simple yet ubiquitous electronic payments system
• Less physical currency in circulation
• Rwanda evolves from a cash based economy to e-transactions

About Tigo:

Tigo is a brand of Millicom International Cellular a telecom company which provides affordable, widely accessible and readily available prepaid cellular telephony services to more than 30 million customers in 13 emerging markets in Latin America and Africa where the basic telephone service is often inadequate.

Tigo entered the Rwandan market almost two years ago. Since then the company has democratised calling rates with all calling tariffs going down by about 50 percent. Mobile penetration has also doubled since the company started operations last year.