Telecommunications firm Millicom says it has launched the world’s first ever international mobile money service with currency conversion.
Millicom, which operates in seven African markets, says two of its operations under the Tigo brand on the continent are “pioneering” the service.
“Tigo Cash users in Rwanda and Tigo Pesa customers in Tanzania will be able to send each other money in their respective currencies without having to travel and queue at a traditional bank or money agent,” says a statement from the company.
Millicom, which is headquartered in Europe, further says the currency conversion service enables customers to use funds to access a range of services in each country.
“These include airtime top-ups, payments for water, electricity, TV, transport, cash withdrawals at any Tigo agent and transfers to other mobile money users,” says Millicom in a statement.
Millicom’s president and chief executive officer Hans-Holger Albrecht speaking at the Mobile World Congress in Barcelona on Monday said: “This innovation means the benefits of mobile money can be extended to cross-border trade, allowing businesses and families to transfer money quickly and securely in East Africa. It’s just another example of how Millicom adapts to its customers’ needs with digital solutions.”
Other mobile markets in Africa where Millicom operates include Chad, the Democratic Republic of Congo, Ghana, Mauritius and Senegal.
Millicom also has operations in Latin America.
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