Luxembourg-based telecommunication firm Millicom International Cellular, also known as Tigo, has launched A mobile banking operations in Chad. The service, known as Tigo Cash, operates in partnership with Orabank, a Lomé based commercial bank. Airtel of India released its mobile banking product, Airtel Money, in July 2012 in partnership with Ecobank, a Togo-based commercial bank with operations in 29 African countries. Both Airtel Money and Tigo Cash allow users to conduct money transfers, pay bills or make purchases from vendors that accept e-wallet payments.
As of March 2013, there are reportedly 53,000 Airtel Money users and 50,000 Tigo Cash users in Chad. As of year-end 2012, Airtel reported having 241 million mobile subscribers in 20 countries in South Asia, Europe and Africa, and Tigo reported 47.2 million mobile subscribers in 17 countries in Latin America, South-East Asia and Africa.
By Brian LeBlanc, Research Associate
About Millicom International Cellular (Tigo)
Founded in 1990, Millicom International Cellular, also known as Tigo, is based in Luxembourg and provides mobile phone network access in 17 countries in Latin America and Africa. As of 2012, Millicom reported assets of USD 8.2 billion and 47.2 million mobile subscribers.
About Airtel
Founded in 1995, Airtel is an Indian telecommunications company serving 243 million customers in 20 countries in Asia, Africa and Europe as of 2012. The Airtel Money Service offers mobile banking in all 17 African countries in which Airtel operates. As of year-end 2012, Airtel reported having 241 million mobile subscribers and INR 1.74 trillion (USD 31.9 billion) in total assets.
About Ecobank
Incorporated in 1985, Ecobank is based in Togo and has a network of approximately 700 branches in 29 African countries. It provides wholesale, retail, investment and transaction banking services. As of 2011, Ecobank reported total assets of USD 17.2 billion, return on equity of 15.9 percent and return on assets of 1.5 percent
About Orabank
Established in 1988, Orabank is a commercial bank owned by Lomé-based OraGroup SA that has operations in Benin, Chad, Gabon, Guinea, Mauritania and Togo. As of year-end 2011, OraGroup reported total assets of CFA 418 billion (USD 83 million).
Sources and Additional Information:
Making Finance Work for Africa article, http://www.mfw4a.org/news/news-details/7/mobile-banking-is-taking-off-in-chad.html
MicroCapital article, February 18, 2013, “MICROCAPITAL BRIEF: Airtel Mobile Money Service Expands to Post Offices in Madagascar,” https://www.microcapital.org/microcapital-brief-airtel-mobile-money-service-expands-to-post-offices-in-madagascar/
MicroCapital article, January 3, 2013, “MICROCAPITAL BRIEF: Millicom, Cherie Blair Foundation for Women, US Agency for International Development Offer Financial Literacy Training, Loans to Rwandan Women to Become Tigo Mobile Money Agents,” https://www.microcapital.org/microcapital-brief-millicom-cherie-blair-foundation-for-women-us-agency-for-international-development-offer-financial-literacy-training-loans-to-rwandan-women-to-become-tigo-mobile-money-agents/
MicroCapital article, April 7, 2012, “MICROCAPITAL BRIEF: Airtel, UT Bank Launch Mobile Savings Product FONBank in Ghana,” https://www.microcapital.org/microcapital-brief-airtel-ut-bank-launch-mobile-savings-product-fonbank-in-ghana/
MicroCapital article, March 15, 2012, “MICROCAPITAL BRIEF: Airtel, uniBank, Star Microinsurance Offer Free Life Insurance to Customers of Airtel Mobile Money,” https://www.microcapital.org/microcapital-brief-airtel-unibank-star-microinsurance-offer-free-life-insurance-to-customers-of-airtel-mobile-money/
MicroCapital Universe Profile: Airtel
MicroCapital Universe Profile: Millicom International Cellular (Tigo)
MicroCapital Universe Profile: Ecobank
MicroCapital Universe Profile: Orabank
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