Tanzania’s leading mobile financial service provider, Tigo Pesa, and the Bank of Africa (BOA) have launched an innovative mobile money savings product. Dubbed as Tigo Pesa Kibubu, it enables Tigo Pesa customers to save and earn interest through their mobile phones. Tigo Pesa Kibubu is a saving product that links Tigo Pesa’s main wallet to the Tigo Pesa Kibubu wallet for saving purposes. Tigo Pesa Kibubu allows customers to save as little as Tsh. 1 and earn interest.
“The launch of Tigo Pesa Kibubu rides on Tanzanian’s unprecedented adoption rate of mobile money services where the total number of Tigo Pesa subscribers has reached 8.6 million (TCRA Report March 2021). This product which is a first savings product within the Tigo Pesa platform will be available on the Tigo Pesa menu (*150*01#) and the Tigo Pesa App. We are committed to offering our customers the latest mobile financial services to bring to life our vision of digital lifestyle transformation.
The service allows Tigo Pesa customers to save the corresponding e-money and earn interest based on the saved balance. Interest earned daily will be accumulated and paid every month based on the balance that will remain in customer’s Tigo Pesa Kibubu wallet. The customer can withdraw or save the corresponding balance at any point in time.
Financial inclusion is not an end in itself. The continued application of a variety of financial services and quality of service matters. Our partnership with BOA will bring forth a new saving behavior in the economy, where customers will save digitally and earn interest. We have seen our customers use their wallets to save, and with this new product, we are giving them a better to achieve their goals. We believe with new savers in the economy, their overall living standard will have a positive outlook.”
Angelica Pesha, Chief Officer, Tigo Pesa
“As a bank, we are very optimistic that the uptake of the product will grow in Tanzania reaching millions of Tanzanians who are currently outside the formal banking system. In a bid to promote financial inclusion, the bank will provide Tigo Pesa and all its users’ maximum support at all times to ensure the service is a success. Being a multinational organization, we believe this is a steppingstone to other innovative partnerships between Bank of Africa and Tigo Pesa. “
Mr. Adam Mihayo, Managing Director, the Bank of Africa
