Tigo, IFC, MasterCard sign $2m agreement to expand mobile money in Ghana

Tigo, IFC, MasterCard sign $2m agreement to expand mobile money in Ghana

Tigo has signed a US$2 million agreement with the International Finance Corporation (IFC) and the MasterCard Foundation as part of efforts to expand mobile financial services in Ghana.

The partners said the agreement will focus on customer education and acquisition, with the IFC to provide advisory services on business development, customer profiling and agent network management.

The project is part of the Partnership for Financial Inclusion, a joint US$37.4 million initiative of the IFC and the MasterCard Foundation to expand microfinance and advance mobile financial services in Africa.

Roshi Motman, chief executive officer (CEO) of 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.”

Head of Mobile Financial Services at Tigo Ghana Selorm Adadevoh said: “We are excited about this partnership, especially because the IFC and the MasterCard Foundation teams are bringing immense industry experience to support and help accelerate the growth of Tigo Cash and mobile financial services overall in Ghana.”

“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,” David Crush, manager of IFC Access to Finance Sub-Saharan Africa, said.

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