The Ghanaian branch of Luxembourg-based telecommunication firm Millicom International Cellular, which is also known as Tigo and has operations in 15 African and Latin American countries; EB Accion, a Ghana-based microfinance institution (MFI) affiliated with Togo-based Ecobank Group and US-based non-governmental organization (NGO) Accion; Cherie Blair Foundation for Women, a London-based charity focused on technology and access to finance; and the United States Agency for International Development (USAID), a government agency that provides international economic and humanitarian assistance, reportedly have partnered on a mobile money project that is expected to involve hundreds of women in Ghana. Under the program, selected women with small businesses will receive loans from EB Accion to cover the training costs required to become certified Tigo Cash Agents, so they can earn commissions and bonuses based on their sale of Tigo Cash products while expanding financial access in their communities. Tigo Cash is a mobile money system operated by Tigo Ghana which allows users to send and receive funds using mobile phones. Agent locations can be used to access and upload cash to the system.
The program is motivated by research conducted by the Cherie Blair Foundation, which reportedly found that “a large proportion of women involved in mobile money business are largely limited to low-end positions that do not yield high revenue” and that “lifting women to the high-end of the mobile money business would help women provide additional income for their households and also help the operators to significantly enhance their brands and access new markets.” The Cherie Blair Foundation, Tigo and USAID launched a similar program in Rwanda in December 2012 as was reported by MicroCapital at the time.
As of 2011, EB Accion reported to the US-based nonprofit Microfinance Information Exchange (MIX) assets of USD 12.4 million, a gross loan portfolio of USD 8.3 million, deposits of USD 7.9 million, 8,843 active borrowers and 70,173 depositors.
USAID offers a suite of resources aimed at improving the outcomes of microenterprise development research and practice at http://microlinks.kdid.org/.
By Makai McClintock, Research Associate
About United States Agency for International Development (USAID)
The United States Agency for International Development (USAID) is a government agency that provides international economic and humanitarian assistance. It focuses on areas such as economic growth, agriculture, trade, health, democracy, conflict prevention and humanitarian assistance. Under the Development Credit Authority (DCA), it provides credit guarantees that cover up to 50 percent of defaults on wholesale loans made by private financial institutions to institutions that lend on a retail basis to under-served borrowers. USAID had a total of USD 23.2 billion in budgetary resources in 2012.
About Cherie Blair Foundation
The Cherie Blair Foundation is a London-based charity that was founded in 2008 to provide women with the skills, technology, networks and access to finance in an effort to allow them to become business owners that can contribute to their economies and have a stronger voice in their societies. Working in partnership with nonprofit, private and public sector organizations, the foundation has three main programs: enterprise development, mentoring and mobile technology. As of 2011, the foundation had total assets of GBP 1.4 million (USD 2.2 million).
About US Agency for International Development (USAID)
The United States Agency for International Development (USAID) is a government agency that provides international economic and humanitarian assistance. It focuses on areas such as economic growth, agriculture, trade, health, democracy, conflict prevention and humanitarian assistance. Under the Development Credit Authority (DCA), it provides credit guarantees that cover up to 50 percent of defaults on wholesale loans made by private financial institutions to institutions that lend on a retail basis to under-served borrowers. USAID had a total of USD 51.6 billion in budgetary resources in 2012.
Sources and Additional Resources
Cherie Blair Foundation Article, “Women Mobile Money Agents in Africa,” http://www.cherieblairfoundation.org/women-mobile-money-agents-in-africa/
Telecom Paper Story, “Tigo Ghana to Empower Women in Mobile Money Business,” http://www.telecompaper.com/news/tigo-ghana-to-empower-women-in-mobile-money-business–945151
MicroCapital, May 22, 2013, “MICROCAPITAL BRIEF: Ghana Institute for Management and Public Administration, Venture Capital Trust Fund Establish Centre for Impact Investing,”https://www.microcapital.org/microcapital-brief-ghana-institute-for-management-and-public-administration-venture-capital-trust-fund-establish-centre-for-impact-investing/
MicroCapital, April 14, 2013, “MICROCAPITAL BRIEF: Tigo Launches Mobile Banking Service in Chad to Compete with Airtel,” https://www.microcapital.org/microcapital-brief-tigo-launches-mobile-banking-service-in-chad-to-compete-with-airtel/
MicroCapital, April 1, 2013, “MICROCAPITAL BRIEF: MTN Mobile Money, Mobile Financial Services (MFS) Partner to Launch KwikAdvance Payday Loans in Ghana,”https://www.microcapital.org/microcapital-brief-mtn-mobile-money-mobile-financial-services-mfs-partner-to-launch-kwikadvance-payday-loans-in-ghana/
MicroCapital, 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, November 28, 2012, “MICROCAPITAL BRIEF: MicroEnsure Ghana Unveils “Edusave”, Incorporating Insurance, Savings, Education Finance,” https://www.microcapital.org/microcapital-brief-microensure-ghana-unveils-edusave-incorporating-insurance-savings-education-finance/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at https://www.microcapital.org/products-page/.
Similar Posts:
- MICROCAPITAL BRIEF: Al-Qutaibi Funding Renewable Energy Products, Climate Adaptation Strategies for SMEs, Farmers in Yemen in Collaboration with USAID
- MICROFINANCE PAPER WRAP-UP: “Digital Finance Campaign Replication Guide,” Published by USAID
- MICROCAPITAL BRIEF: Opportunity International, UPS Foundation Announce “Unstoppable Women Initiative” to Expand Financial Services in Colombia, India, Indonesia, Nigeria
- MICROFINANCE PAPER WRAP-UP: “Mobile Money, Interoperability and Financial Inclusion;” by Markus K Brunnermeier et al; published by National Bureau of Economic Research (NBER)
- MICROCAPITAL BRIEF: Sama Money Acquires Première Agence de MicroFinance, Entering Microcredit Market in Mali
