The deal, part of IFC and MasterCard’s $37.4 million Partnership for Financial Inclusion aims to expand microfinance and advance mobile financial services across the continent.
In a statement, Roshi Motman, Chief Executive Officer Tigo Ghana said, “Following the five awards Tigo Cash received in 2013, this is further recognition of our innovative approach to the deployment of mobile financial services and our commitment to continually develop them.”
Expected to run for three years, IFC will provide advisory services for business development, customer profiling and agent network management while Tig Ghana will use its TIGO-CASH to encourage a cash-less move.
David Crush, Manager, IFC Access to Finance Sub-Saharan Africa, said, “The use of mobile phones and alternative distribution infrastructure represents a huge opportunity to fill the gap in the provision of financial services in Ghana, with significant commercial potential for operators able to build a business model that serves the base of the pyramid efficiently,”
Tigo Ghana has over 3 million subscribers in Ghana and has products such as Tigo Number 1, Smartalk and Xtreme and was established in Ghana in 1991, as one of the subsidiaries of the Luxembourg-based Millicom International Cellular SA.