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Johannesburg, South Africa, May 27, 2014
—IFC, a member of the World Bank Group, today announced a $2 million advisory services agreement with Tigo Ghana to develop and expand mobile financial services in support of wider financial inclusion in Ghana.
The project is part of the Partnership for Financial Inclusion, a joint $37.4 million initiative of IFC and The MasterCard Foundation to expand microfinance and advance mobile financial services in Sub-Saharan Africa.
Roshi Motman, CEO of Tigo Ghana, which launched its mobile money operation Tigo Cash in 2011, said, “Together with IFC and The MasterCard Foundation, Tigo Ghana is committed to extending financial inclusion. Following the five awards Tigo Cash received in 2013, this is further recognition of our innovative approach to the deployment of mobile financial services and our commitment to continually develop them.”
While mobile phone usage is high in Ghana, access to formal financial services remains low. Only 29 percent of adults in Ghana have an account at a formal financial institution. Among people with low income that number is only about 15 percent. Most poor people are left with no choice but to resort to informal, unregulated and often unreliable means of savings, credit and insurance.
At en event in Johannesburg, Selorm Adadevoh, Head of Mobile Financial Services at Tigo Ghana, said, “We are excited about this partnership, especially because the IFC and The MasterCard Foundation teams are bringing immense industry experience to support and help accelerate the growth of Tigo Cash and mobile financial services overall in Ghana”.
The project will run for three years and focus on customer education and acquisition, with IFC providing advisory services on business development, customer profiling and agent network management.
David Crush, Manager, IFC Access to Finance Sub-Saharan Africa, said, “The use of mobile phones and alternative distribution infrastructure represents a huge opportunity to fill the gap in the provision of financial services in Ghana, with significant commercial potential for operators able to build a business model that serves the base of the pyramid efficiently.”
About the Partnership for Financial Inclusion
The Partnership for Financial Inclusion is a joint initiative of IFC and The MasterCard Foundation to expand microfinance and advance mobile financial services in Sub-Saharan Africa. The Partnership is also supported by the Bill & Melinda Gates Foundation and the Development Bank of Austria (OeEB, Oesterreichische Entwicklungsbank AG) and collaborates with knowledge partners such as the World Bank and the Consultative Group to Assist the Poor, CGAP. For more information:
www.ifc.org/financialinclusionafrica
About The MasterCard Foundation
The MasterCard Foundation is an independent, global organization based in Toronto, Canada, with more than $9 billion in assets. Through collaboration with partner organizations in 46 countries, it is creating opportunities for all people to learn and prosper. The Foundation's programs promote financial inclusion and advance youth learning, mostly in Africa. Established in 2006 through the generosity of MasterCard Worldwide when it became a public company, the Foundation is a separate and independent entity. The policies, operations and funding decisions of the Foundation are determined by its own Board of Directors and President and CEO. For more information on the Foundation, please visit
http://www.mastercardfdn.org
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, we use our capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, our investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit
www.ifc.org
About Tigo Cash
Tigo Cash is the multiple award winning mobile financial service run by Tigo Ghana, which is part of the international telecommunications and media company Millicom. It offers customers the opportunity to pay any on any network in Ghana, buy airtime and save cash securely on their mobile phones. It has over the years built an extensive and efficient mobile agent network which assures users of convenience and confidence to use their services. Tigo Cash provides financial services to the unbanked population in Ghana. For more information, visit:
www.tigo.com.gh
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