From Tanzania, Tigo Pesa customers are said to have been paid US$2.3m as profit share for the quarter ending March 2016, according to the telecommunications company.

A press statement issued by the telco details a quarterly profit share growth of 18%.

"This is the eighth time that Tigo is disbursing the quarterly payment to its mobile money users. Cumulatively, Tigo Pesa users have earned $18.5m/- in profit share since the scheme started," according to the company's statement.

Ruan Swanepoel, Tigo Head of Mobile Financial Services says the payment is profit accruing in the Tigo Pesa Trust accounts held with major commercial banks in the country.

"This underlines our commitment to provide financial access to our customers and the country at large through our Tigo Pesa services," Ruan says.

According to Swanepoel profit share recipients include individual customers, retail agents and other Tigo business partners, and each receives payment based on the e-value they stored in their Tigo Pesa wallets.

He attributes the increased profitability to Tigo's to improved market condition and steady growth in the number of Tigo Pesa users, in particular from the merchant segment.

Tigo Pesa currently has over 50,000 merchants in Tanzania.

"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," Swanepoel adds.