Tanzania: Tigo, partners to close the financial services gap

TIGO Pesa has partnered with Absa Bank Tanzania Limited and JUMO, a banking technology provider to increase the availability of the existing short-term credit product “Tigo Nivushe”.

According to Angelica Pesha, Managing Director of Tigo Pesa, “The reintroduction of Tigo Nivushe in partnership with Absa Bank and JUMO positions Tigo Pesa as an innovative financial services provider in the country while conversely supporting the government’s efforts to reduce the gap in financial services, especially in the microcredit sector.

We initially launched the Tigo Nivushe mobile loan product in 2015, in partnership with JUMO, to make credit available to small / micro businesses and consumers who had never had access to it before or had encountered difficulty accessing it. formal credit.

Since the inception of Tigo Nivushe, we have been successful in providing loans to over 2.1 unique Tigo Pesa clients “,

The tripartite agreement with Absa Bank and JUMO will pave the way for more funds to be disbursed to eligible Tigo Pesa customers from September this year. This positions Tigo Pesa as a one-stop-shop for all digital financial services in the country.

With this partnership, we will create more opportunities for our clients to access loans that can improve their daily lives. Eligible Tigo Nivushe customers can access these loans quickly and digitally.

“Customers registered and active on Tigo Pesa can borrow amounts ranging from 2,000 / – to 1m / -, depending on requirements and eligibility, for a loan term of 7 to 30 days.

Ineligible customers are encouraged to make more use of Tigo Pesa services to establish a positive credit score and existing Tigo Nivushe customers are also encouraged to use the service more frequently and repay on time to increase the amount they are eligible for. to borrow.

We are committed to providing our clients with the financial services they need to realize our vision of digital lifestyle transformation, ”says Pesha.

Speaking at the launch event, Absa Bank Tanzania Chief Financial Officer (CFO) Obedi Laiser said, “We are a global pan-African bank, committed to playing a pivotal role in society throughout. by ensuring that we bring our customers to life.

As we develop digital banking initiatives and mobile technology integrations in Tanzania and around the world, we believe that our investment in innovations and partnerships continues to be essential in our existing markets, such as Tanzania, and as a bank. commercial, ”he said.

He added that their products and services are a good testament to their commitment to better serve Tanzanians, saying that they have recently developed digital channel platforms with payment capabilities ranging from account to account transfers, wire transfers. MNO banking, government bill payment services and more.

He said this demonstrates their key goal of becoming a digitally-led organization through innovation, saying they are happy to take another important step forward by partnering with JUMO and Tigo to drive the inclusion agenda. financial support by supporting the government’s initiative.

“We are excited to develop this proven product because we want more people in Tanzania to have access to quality financial choices,” said Buhle Goslar, JUMO Managing Director for Africa.

He said this collaboration in a dynamic market deepens their work with partners to create positive results for all parties, especially customers.

JUMO Country Director for Tanzania Eric Luyangi said: “We are empowering big banks and mobile money providers to achieve their goals and increase their impact. It is an honor to work with Absa and Tigo Pesa to create more financial choices for the people of Tanzania. “

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