Millicom International Cellular, a Luxembourg-based telecommunications and media company, recently launched the mobile-based savings product Tigo Sugira in Rwanda with Urwego Opportunity Bank, a Rwandan microfinance institution [1]. Tigo Sugira is executed via Tigo Cash, Milicom’s preexisting mobile money service in Rwanda, which serves 2.5 million customers. Tigo Sugira transactions incur no fee, and balances earn an annual interest rate of 7 percent, paid quarterly.
Tineyi Mawocha, the CEO of Urwego Opportunity Bank, stated: “We are committed to bringing secure, convenient and affordable financial services to Rwandans who have traditionally been excluded from the formal financial sector, and we believe that Tigo Sugira aligns perfectly with this mission by enabling us to provide a secure and accessible savings product to all Tigo Cash customers in Rwanda.”
As of March 2015, Millicom has 6.20 million mobile finance services customers in six African countries and has 3.41 million such customers in six Latin American countries. As of 2013, Urwego Opportunity Bank reported total assets of USD 21.3 million.
By Caroline Zhu, Research Associate
About Millicom International Cellular
Founded in 1990, Millicom International Cellular is a Luxembourg-based telecommunications and media company, providing mobile phone network access, television, online and mobile financial services in 14 countries in Latin America and Africa largely through the brand name Tigo. As of December 2014, Millicom has 56 million customers. As of March 2015, Millicom reported assets of USD 13.2 billion.
About Urwego Opportunity Bank
Created as a result of a merger between Urwego Community Banking and Opportunity International Bank of Rwanda, Urwego Opportunity Bank (UOB) is a microfinance institution headquartered in Kigali, Rwanda. Its services include loan and savings products, business training, HIV/AIDS training and insurance coverage. According to US-based, nonprofit data provider Microfinance Information Exchange (MIX), as of 2013, UOB reported total assets of USD 21.3 million, a gross loan portfolio of USD 14.8 million, 39,358 active borrowers, total deposits of USD 11.1 million and 248,600 depositors.
Sources and Additional Resources:
[1] Business Wire, “Millicom International Cellular: Millicom Launches Rwanda’s First Mobile-Based Savings Product with Tigo Cash,” http://www.businesswire.com/news/home/20150331005386/en/Millicom-International-Cellular-Millicom-Launches-Rwanda%E2%80%99s-Mobile-Based#.VSMutShqLGva
MicroCapital Universe Profile: Millicom International Cellular
MicroCapital Universe Profile: Urwego Opportunity Bank
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