Tigo Rwanda Limited, a unit of Sweden’s Millicom that offers mobile telecommunications services, recently announced it has launched its TigoNshoboza Loan Service, which allows users of the Tigo Cash service in Rwanda to access loans via their mobile wallets. TigoNshoboza is in a pilot phase, so the number of customers that can use the service remains limited to an unspecified level. The service does not require users to have a bank account.
The terms of the loans range from 7 to 21 days, with the initial loan size based on the customer’s usage of Tigo airtime and the Tigo Cash service. Upon timely repayment, customers may be eligible for larger loans.
Launched in 2009, Tigo Rwanda has 3 million subscribers as of 2017. Millicom, a Sweden-based telecommunication and media company, reported total assets of USD 11.9 billion as of 2016 and 60 million customers in 14 countries in Africa and Latin America as of 2017. Millicom is listed on the Nasdaq Stockholm stock exchange.
By Phoebe Rorke, Research Associate
Sources and Additional Resources
Millicom: The Digital Lifestyle
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/.