Dar es Salaam, 19th May 2020 – Tanzania’s leading digital lifestyle company, Tigo has announced another quarterly interest payment of Tshs 2.7Bn billion to all Tigo Pesa users, marking the 24th time since the introduction of the interest distribution. This is the interest share distribution for the first quarter ended 31st March 2020.
Tigo Tanzania’s Acting Chief Officer for Mobile Financial Services (MFS), Angelica Pesha, said cumulatively the company has paid its mobile financial services users a total of Tshs 100.9 billion in quarterly payments since the introduction of the interest distribution by Tigo in July 2014.
Pesha said that this year’s first quarterly interest distribution comes at a time when the whole world has been affected by the COVID-19 pandemic, and business has been slow due to the impact on operational and financial performance, especially in the first quarter of the year.
“Following the COVID-19 pandemic that is affecting nations and citizens all around the world and here in Tanzania, this interest is payable to individual customers, retail agents, super agents and other Tigo business partners who each receive payment based on the e-value they stored in their Tigo Pesa wallets.” Pesha explained.
“We are really excited to be announcing this increased interest distribution for the 24th successive time, bringing relief to millions of Tigo Pesa users during this tough period, helping them to meet their various financial obligations. This underlines our commitment to provide financial access to our customers and the country at large through our Tigo Pesa services,” said Pesha.
She cited Tigo’s increased profitability, due to the increased number of Tigo Pesa users as the major drivers to the significant increase in interest share especially from the merchant segment. Tigo Pesa currently has a network of over 50,000 merchants enhancing transaction payments across the country and over 110,000 agents supporting customers daily needs across the country.
As before, according to Pesha, the return to customers is calculated based on Tigo Pesa customers’ average daily balance stored in their mobile wallet adding that this profit share distribution scheme is in line with the Central Bank Circular issued in February 2014.