TIGO Pesa has partnered with Absa Bank Tanzania Limited and JUMO, a banking technology provider to increase availability of the existing short-term credit product 'Tigo Nivushe'.
According to Angelica Pesha, Chief Officer for Tigo Pesa, "The re-introduction of Tigo Nivushe in partnership with Absa Bank and JUMO positions Tigo Pesa as an innovative financial service provider in the country while conversely supporting the government efforts to reduce financial services gap, especially in the micro-lending sector.
We initially launched the Tigo Nivushe mobile lending product in 2015, in partnership with JUMO, to make credit available to small/micro businesses and consumers who had never had access before or had experienced difficulties in accessing formal credit.
Since Tigo Nivushe's inception, we have managed to offer loans to over 2.1 unique Tigo Pesa customers,"
The tripartite agreement with Absa Bank and JUMO will pave the way for more funds to be disbursed to Tigo Pesa's eligible customers from September this year. This positions Tigo Pesa as a one-stop centre for all digital financial services in the country.
With this partnership, we will create more opportunities for our customers to access loans that can improve their daily lives. Eligible Tigo Nivushe customers can access these loans quickly and digitally.
"Customers who are registered and active on Tigo Pesa can borrow amounts ranging from 2,000/- to 1m/-, depending on requirements and eligibility, for a loan term of 7-30 days.
Non-eligible customers are encouraged to use Tigo Pesa services more to build a positive credit score and existing Tigo Nivushe customers are also encouraged to use the service more frequently and repay on time to increase the amount they are eligible to borrow.
We are committed to offering our customers the financial services they need to bring to life our vision of digital lifestyle transformation," explains Pesha.
Speaking at the launch event, Absa Bank Tanzania's Director of Finance (CFO), Obedi Laiser said, "We are a pan-African bank with a global reach, entrenched in playing a shaping role in society while ensuring we bring possibilities to life for our customers.
By growing digital banking initiatives and mobile technology integrations in Tanzania and globally, we believe our investment in innovations and partnerships continue to be critical in our existing markets, such as Tanzania, and as a commercial bank," he said.
He added that their products and services speak well to their commitment to serving Tanzanians better, saying that recently they landed digital channel platforms with payment capabilities ranging from account-to-account transfers, bank to MNOs transfers, government bills payment services and others.
He said this demonstrates their key agenda of becoming a digitally led organisation through innovation, saying they are happy to take another important milestone by partnering with JUMO and Tigo to drive financial inclusion agenda in supporting the Government's initiative.
"We're excited about growing this proven product as we want more people in Tanzania to have access to quality financial choices," said JUMO's Africa Chief Executive Officer, Buhle Goslar.
He said this collaboration in a dynamic market deepens their work with partners to create positive outcomes for all parties, especially customers.
JUMO's Country Manager for Tanzania, Eric Luyangi said, "We empower large banks and mobile money providers to reach their goals and grow their impact. It's an honour to be working with Absa and Tigo Pesa to create more financial choices for the people of Tanzania."