Tigo Tanzania, a brand of Swedish telecom provider Millicom, recently announced it paid TZS 5.6 billion (USD 2.5 million) of its profits to Tigo Pesa users. In total, the company has paid TZS 46.2 billion (USD 21 million) to users since the start of the service in July 2014. The profit share is distributed based on the average daily balance in the digital wallets of individual customers, retail agents and Tigo business partners.
Ruan Swanepoel, Head of Mobile Financial Services for Tigo Tanzania, cited “Tigo’s increased profitability, improved market condition and steady growth in the number of Tigo Pesa users as the major drivers to the significant increase in profit share especially from the merchant segment”.
As of March 2016, Tigo Tanzania has approximately 10 million registered subscribers and directly and indirectly employs around 300,000 Tanzanians. As of December 2015, Millicom is present in 17 countries in Latin America and Africa and reported assets of USD 10.4 billion.
By Kevin van den Brink, Research Associate
About Tigo Tanzania
Tigo Tanzania is provider of mobile financial services that was founded in 1994 in Dodoma, Tanzania, as a brand of Sweden-based telecom provider Millicom. As of March 2016 Tigo Tanzania has approximately 10 million registered subscribers and directly and indirectly employs around 300,000 Tanzanians.
About Millicom
Founded in 1990, Millicom International Cellular is based in Sweden and provides mobile phone network access, television, online and mobile financial services in 17 countries in Latin America and Africa, largely through the brand name Tigo. As of December 2015, Millicom reported assets of USD 10.4 billion.
Sources and Additional Resources
[1] Tigo, News, “Tigo Pesa Customers Pocket Tshs. 5.6b /- (US$2,570,120) in Ninth Quarterly Profit Share”
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