Tanzania’s leading digital lifestyle company, Tigo, has partnered with Azania Bank to launch an overdraft product dubbed Bustisha which will enable Tigo Pesa customers to complete their transactions even if they have insufficient funds. Active Tigo Pesa customers will be eligible to access this product but will have to first subscribe and consent via the Tigo Pesa menu or Tigo Pesa App.
Customers are expected to repay the overdraft extended to them upon depositing or receiving money in their Tigo Pesa wallets.
“We are excited to bring to life our innovative digital financial product in partnership with Azania Bank to provide our active Tigo Pesa customers with the ease of transacting beyond their Tigo Pesa wallet balance. We believe that, this service will give our customers the convenience to transact seamlessly during times of need.
The customer is expected to repay the overdraft extended to them including applicable fees and interest automatically upon depositing or receiving money in their Tigo Pesa wallets. The customer can pay at their convenience through the Tigo Pesa menu or Tigo Pesa App, after which, an auto deduction in Tigo Pesa wallet will be done to recover the outstanding balance.”Angelica Pesha, Chief Officer for Mobile Financial Services (Tigo Pesa), Tigo
Speaking on behalf of Azania Bank, the bank’s Senior Manager -Treasury & Capital Markets Rukwaro Senkoro, articulated that Azania Bank’s strategic partnership with Tigo for the introduction of overdraft product will further step up the competition in the digital lending space. The Bank will provide an active Tigo Pesa customer with a credit facility that will be charged an access fee of the amount borrowed, and a daily interest on the outstanding balance based on their credit scores derived using normal financial behavior of their Tigo Pesa Wallets.
“The moment you have an easy and safe payment solution, financial inclusion follows. Through our partnership with Tigo, the Bank is able to further deliver its goal of supporting financial inclusion and empowering Tanzanians by delivering on increased access and usage of financial services.”Rukwaro Senkoro, Senior Manager -Treasury & Capital Markets, Azania Bank
“Bustisha comes into the market as an innovative and easily accessible digital lending service making credit easily accessible to over 9 million TigoPesa active users.”Angelica Pesha, Chief Officer for Mobile Financial Services (Tigo Pesa), Tigo