Tigo Tanzania launches yet another mobile financial service for its customers


Tigo Tanzania, the leading innovative telecommunication company in Tanzania, has announced the launch of an easy to access nano lending product to its stable of mobile financial services.

This new product, known as Tigo Nivushe, will not require collateral and offers immediate access to small loans to Tigo Pesa users.

Tigo Nivushe will allow Tigo Pesa customers to build their own credit history and being open to any Tigo Pesa customer turns the typical lending models upside down. No security is required or taken and the loan product has been designed to be transparent and foster responsible lending.

The product is flexible in that it offers different lending periods with variable administrative costs based on the length of tenure. The loans – with an average of Tsh 10,000 (US$ 5) – are processed in real-time and funds transferred within minutes.

As customers build up their credit history they are able to borrow higher amounts with lower administration fees. Loans are delivered directly to the mobile wallet so customers can immediately use the funds to pay bills, transfer to others, or cash out at the thousands of agents across the country.

“Tigo Nivushe has been designed to encourage responsible lending. Previous mobile behaviour is used to determine suitable limits for loans and customers will only be able to have one loan at a time. Protection against life shocks is included as everyone will be automatically insured for the loan amount against death or permanent disability,” Tigo Head of Mobile Financial Services, Ruan Sawnepoel, said in a statement.

He added, “Most importantly, as the product is fee based no interest can be accumulated in the event of default and acquiring a loan will not affect mobile or Tigo Pesa accounts in any way.”

The head of Mobile Financial Services further said, “We are thrilled today to be launching Tigo Nivushe. It is an essential product for driving financial inclusion, which is critical to Tanzania’s continued economic growth and success. These quite small loans can make all the difference and are crucial for building credit history and obtaining credit in the future.”

Already, disruptive e-money services, delivered through mobile phones have already changed the lives of millions of people but with this new product, Tigo Tanzania wants to change the way people think about lending.

Tigo Tanzania, described as a leading digital lifestyle company, offers a diverse product portfolio in voice, SMS, high-speed internet and mobile financial services.

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