MICROCAPITAL BRIEF: MoneyGram, Millicom’s Tigo Money Launch Mobile Cash Service in El Salvador

MoneyGram International, a US-based money transfer company, recently partnered with Tigo Money, the primary product of the Sweden-based telecommunications company Millicom, to “launch mobile cash receiv[ing] services into more than 1 million Tigo Money mobile wallets in El Salvador.” Tigo Money is available in 17 countries in Africa and Latin America, providing mobile money services such as bill payment, money transfer, mobile phone credit top up and merchant payments.

Ronald Alvarenga, the mobile financial services director at Millicom, said, “Millicom and MoneyGram have a shared goal to increase financial inclusion for those who may not be able to easily utilize traditional bank accounts through innovative, easy and secure mobile financial services which are available at the palm of your hand” [1].

As of 2016, MoneyGram had USD 1.45 billion in annual revenue and offers its services at about 350,000 agent locations in 200 countries. As of December 2015, Millicom reported assets of USD 10.4 billion.

By Jason Wei, Research Associate

Sources and Additional Resources

About MoneyGram International

Founded in 1940, MoneyGram International is a money transfer company based in the United States. The company offers cross-border funds transfers and “Financial Paper Products.” As of 2016, MoneyGram had USD 1.45 billion in annual revenue, and offers its services at about 350,000 agent locations in 200 countries.

About Millicom International Cellular (Tigo)

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.

[1] MoneyGram and Millicom Launch Mobile Wallet Service in El Salvador, http://www.prnewswire.com/news-releases/moneygram-and-millicom-launch-mobile-wallet-service-in-el-salvador-300262207.html

MicroCapital Universe Profile: MoneyGram International

MicroCapital Universe Profile: Millicom International Cellular (Tigo)

Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/

Similar Posts: