Thanks to a new TigoCash initiative, more Rwandans will be able to obtain subsidized loans to deal with emergencies or pay for services.

Chantal Umutoni Kagame, Deputy Managing Director of Tigo Rwanda, said the “Tigo Nshoboza Loan Service” allows eligible TigoCash subscribers to acquire small unsecured loans through their mobile wallet to deal with emergencies, shop for groceries or pay electricity or school fees.

Kagame said the initiative will increase financial inclusion in the country. “The launch of the Tigo Nshoboza product means subscribers get quick loans to meet their needs, no matter when and where they need money.

“I have no doubts that this service will encourage more people to regularly use mobile financial services. We believe this is a solution for people at a critical time as Rwanda is moving towards greater financial inclusion, ”Kagame said at the launch of the facility yesterday.

She added that during the pilot phase, subscribers will be able to borrow up to 7,000 Rwf, but the amount will increase when the facility is rolled out to commercial stage.

However, the “Tigo Nshoboza” program will be available to a limited number of TigoCash customers between the ages of 18 and 65 during this phase, she noted. The service will be available to eligible customers whether or not they have a bank account.

She said the initial phase will allow Tigo Cash users to assess mobile loan service delivery and public response.

Airtel also operates a similar service where Airtel Money subscribers can borrow up to Rwf50,000 in low rate loans on their mobile phones, repayable within two weeks. The “Igurize Amfaranga” initiative is implemented with Atlantis Limited, a local microfinance institution.

In the region, Kenya’s Safaricom offers subscriber loans as part of its Safaricom M-Pesa mobile money service. Telecommunications offer subscribers loans of up to Ksh1 million or Rwf8 million through KCB. Tigo Tanzania also offers microcredits to subscribers.

Likewise, KCB Bank Rwanda has announced that it will start providing mobile loans to customers next month.

How the establishment works

With the Tigo Nshoboza loan service, customers will be able to borrow money for seven, 14 or 21 days, the loan amounts depending on the use of the transaction on their TigoCash account as well as their use of airtime. Tigo. To increase the amount of money that can be borrowed, customers must repay their loans on time.

Currently, Tigo has over 3.2 million customers and has invested over $ 310 million in Rwanda from 2009 to date.

There are over 8.9 million mobile phone subscribers in Rwanda as of December 31, 2016.

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