Daily Archives: November 5, 2015

Rural Bolivia benefits from Tigo money transaction service

Lidia Mamani reports for Pagina Siete:

In so far this year, transfers surpassed Bs1,000 million

69% of Tigo Money transactions are made in rural areas

Of the Bs1,000 million that were processed since its creation in different parts of the country, the unbanked population did move a value of Bs690 million.

Screen Shot 2015-11-04 at 7.37.21 AMThe Tigo Money service, since it became operational to date, conducted transfers for a total amount of Bs1,000 million. 69% of these transactions were carried out in rural areas.

“In less than three years, the Mobile Wallet Tigo Money overcame Bs1,000 million transferred, of which 69% of these operations were performed by people who do not have access to traditional financial systems”, according to a press release by the private company.

Of the Bs1,000 million that were processed in different parts of the country, the unbanked population did move a value of Bs690 million.

Since the advent of Tigo Money service in December 2013, a total of 17.5 million transactions, of which 12 million transactions were made in rural areas, where they used the service performed.

“Unlike other traditional payment systems, the Mobile Wallet Tigo Money meets the needs of a fast and safe handling for wider segments of the Bolivian population,” said Alvaro Cuadros, General Manager of E-fectivo ESPM SA, company operating under the brand Tigo Money in Bolivia.

He also stressed that if the importance of Tigo Money in rural localities with more than 2,000 inhabitants is analyzed, the evolution was remarkable.

For example, in 2012, 44% of these localities did not have points of financial assistance whatsoever, with the entry of the Mobile Wallet Money Tigo this indicator had fallen to 31%, a fact that benefits more than half a million people living in 33 towns of null banking.

Unlike alternative payment systems (checks, debit cards, credit and ACH transactions), Mobile Wallet Money Tigo grew substantially since the start of operations to become the most widely used in Bolivia.

The first half of 2015, a total of 6.9 million downloads, more than other financial transactions processed.

The points of attention

In June this year, the company has more than 1,193 points Tigo Money strategically located in 169 localities. The figure increased by 272% since the service began, when it had 439 points for financial attention (see graphic).

Of the total, 1,021 points correspond to Tigo Money nonfinancial, financial Tigo 134 branches and 38 ATMs Money, the latter was inaugurated in September 2014, with customers of the company that can send and receive money.

The vast majority of the 1,193 point of care are small businesses such as call centers, internet cafes and stores.

These places provide the service on behalf of Tigo Money, for that, they meet certain requirements defined by standard, such as infrastructure, ease of care, safety and communication, which aims to provide greater access to citizens living far from a traditional branch.

Mobile Wallet Tigo Money is a payment instrument that allows transactions from a cell, “instantly and securely.”

The mobile wallet

Tariff. The costs for transferring money ranges from 20 cents to send one to 10 bolivianos, to a payment of 10 bolivianos to transfer between 901 and 3,600 bolivianos. Those who receive money must pay five Bolivians to withdraw amounts from 10 to 100 bolivianos; and up to 100 for 3401-3600 amounts of Bolivian currency.

Service. People who do not know the payment system can enable the service from their phone with Tigo line by dialing *555# and following a few simple steps of registration, as the telephone company says.

Employment. Movement creates jobs totaling 3,597 people under indirect jobs.