Tigo Tanzania has launched a new innovative service as an add-on to its mobile money services. It is a small loans service that is availed to subscribers on the Tigo Pesa service. Dubbed Tigo Nivushe (coined from a Swahili phrase that goes Tigo get me across). Customers will not require collateral to be offered the small loans.
Tigo Head of Mobile Financial Services, Ruan Sawnepoel, said in a statement to the press today that for the first time the nano loans product, called Tigo Nivushe will allow Tigo Pesa customers to build their own credit history and being open to any Tigo Pesa customer turns the typical lending models upside down. No security is required or taken and the loan product has been designed to be transparent and foster responsible lending.
Explaining the product’s flexibility, Swanepoel said Tigo Nivushe offers different lending periods with variable administrative costs based on the length of tenure. The loans – with an average of Tsh 10,000 (US$ 5) – are processed in real-time and funds transferred within minutes. As customers build up their credit history they are able …read more