Tigo Pesa subscribers earn over 100bn/- in ‘dividend’ since 2014

20May 2020
The Guardian Reporter
Dar es Salaam
The Guardian
Tigo Pesa subscribers earn over 100bn/- in ‘dividend’ since 2014

TIGO Pesa subscribers in the country have earned a whopping 100.9bn/- in ‘dividend’ payments since 2014 when the telecommunications company first shared with its customers profits made from the platform.

Tigo Tanzania’s acting Chief Officer for Mobile Financial Services, Angelica Pesha, speaking at a recent event. File photo.

In a statement yesterday, the company announced another quarterly payment of 2.7bn/- to all Tigo Pesa users for the first quarter of year ending March 2020, marking the 24th time since the telco started sharing profits with clients.

Tigo Tanzania’s acting Chief Officer for Mobile Financial Services, Angelica 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 businesses have slowed down.

“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 said.

She noted that the telco’s increased profitability is a result of the increased number of subscribers of the mobile money platform which has driven a significant increase in interest sharing income 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 market, Pesha stated.

“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 difficult 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,” Pesha added.

The Tigo Tanzania acting Chief Officer for Mobile Financial Services hinted that earning to customers will be calculated based on one’s average daily balance stored in their mobile wallet adding that the profit share distribution scheme is in line with Bank of Tanzania’s Circular issued in February 2014.

Tigo Tanzania is the domestic market's leading digital lifestyle telecommunications company which started its operations in 1995. Through its distinctive and diverse product portfolio in voice, SMS, high-speed internet and mobile financial services, the telco has pioneered digital innovations such as the first smartphone in Kiswahili, Free Facebook in Kiswahili, TigoPesa application, Tigo Mobile application as well as the first East African cross-border mobile money transfer with currency conversion.