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TIGO Pesa and the Bank of Africa (BoA) have launched a mobile money savings product dubbed as Tigo Pesa ‘Kibubu’ that enables their customers to save and earn interest.
The product is a saving product that links Tigo Pesa main wallet to the Kibubu wallet for saving purposes. Tigo Pesa Kibubu allows customers to save as little as 1/- and earn interest.
Tigo Pesa Chief Officer Angelica Pesha, said the product was the first savings within the Tigo Pesa platform.
“Interest earned daily will be accumulated and paid every month based on the balance that will remain in the customer’s Tigo Pesa Kibubu wallet,” Ms Angelica said through statement yesterday.
The customer can withdraw or save the corresponding balance at any point in time.
BoA Deputy Managing Director Mr Wasia Mushi said they anticipating that the product will grow to reach 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,” he said.
Tigo Pesa subscribers have reached 8.6 million, according to TCRA Report issued in March.
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