The initiative will integrate SACCO client accounts of over 77,000 customers across 20 districts in the country with their Tigo cash wallets, making it possible for customers to automatically transfer funds from their SACCO accounts to their Tigo Cash wallets and vice versa. To access the services members of the SACCO simply dial *500#, choose the ‘banking’ option, choose ‘SACCO’ and follow the prompts.
The service is set to ease SACCO operations and accessibility, since most SACCOs are located in hard-to-reach areas. In 2014, Umurenge SACCOs and Tigo unveiled a similar platform with three local commercial banks - including Access Bank, KCB Bank Rwanda and Bank of Kigali.
Central bank figures indicate that the number of mobile money accounts increased by 432%, from 1.4 million in December 2012 to 7.7 million in December 2015. The number of mobile money transactions rose by 659.8% to 168.6 million from 22.2 million over the same period, while the number of agents went up by 1211.7% from 3.085 to 40.467, increasing access to formal financial service in the period under review.
Over USD 350 million has so far been pushed through the Tigo Cash since its inception in 2014, with over 2.7 million customers using the platform.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now