Tigo Cash, the mobile financial services arm of Tigo Rwanda, has launched the pilot phase of ‘Tigo Nshoboza Loan Service’, a platform that allows eligible Tigo Cash users to access loans via their mobile wallets.
This service will enable Tigo Cash users to access loans to use in their daily lives, whether it is to buy groceries, pay for electricity or school fees.
Tigo Nshoboza will be released to a limited number of Tigo Cash customers aged 18-65 years.
The pilot launch will allow Tigo Cash users to assess the delivery of the mobile loans service and the public’s response. The service will be available to eligible Tigo Cash customers, regardless of whether or not they have a bank account.
Commenting on the launch of the Tigo Nshoboza Loan Service and its impact on increasing financial inclusion, the Deputy Chief Executive Officer of Tigo Rwanda, Chantal Umutoni Kagame, said; “We are excited to launch Tigo Nshoboza, a product that we feel will be exciting for Tigo Cash users. With Tigo Nshoboza, our customers will be able to get quick loans to attend to their needs, no matter what time they need the money and where they are. I am confident that as people use this service, it will encourage them to use mobile financial services more. We believe that this is a solution for people at a critical time when Rwanda is moving towards greater financial inclusion”.
With the Tigo Nshoboza Loan Service, customers will be able to borrow money for 7, 14 or 21 days with the loan amounts dependent on the transaction usage on their Tigo Cash account as well as their Tigo airtime usage. To increase the amount of money that they can borrow, all that Tigo Cash customers need to do is pay their loans in full and on time.
The commercial launch of Tigo Nshoboza in Rwanda will be announced in due course.
About Tigo Rwanda
Currently, Tigo Rwanda has over three million customers and has invested over US $310 million from 2009 to date. Tigo Rwanda provides 4G LTE on mobile for both prepaid and post-paid customers. Tigo Rwanda was awarded as the ‘Most Innovative Service’ at Africa Com 2014, for international mobile money transfers with integrated currency conversion between Tigo Rwanda and Tigo Tanzania as well as awarded for “Best ICT Exhibitor” at the Kigali Expo 2015. This year Tigo Rwanda became the first telecom operator in Africa to sign the Connected Women Commitment Initiative.
Tigo Rwanda is owned by Millicom, a leading telecommunications and media company uniquely dedicated to emerging markets in Latin America and Africa. It provides mobile, mobile financial, cable and satellite services to over 60 million customers in fourteen countries, primarily under the Tigo brand. Tigo has been operating in Africa since 1993, in Rwanda since 2009, and serves over 26 million customers in Africa