Tigo and Urwego Opportunity Bank launched Rwanda’s first mobile-based savings product, Tigo Sugira, today. Rwanda is on track to reach its goal of 90% financial inclusion by 2020, and Tigo Sugira will help boost the level of savings for Rwandans.
Tigo customers can sign up and open an account for free and within minutes, directly from their mobile by dialing *200*11# and selecting Tigo Sugira. All they need is a Tigo Cash account and a National ID. Customers can then instantly deposit and withdraw money from their savings account through Tigo Cash.
Tigo Sugira is the most convenient way to save, with an interest rate of 7% annually – the best in the market. Whether deposits, withdrawals or opening an account, the service is offered free of charge. Customers earn 7% interest based on daily average balance, no matter what their balance is, this interest is paid quarterly.
With Tigo Cash’s large customer base and the biggest mobile money agent network in Rwanda, Tigo Sugira reaches people who have previously been excluded from the formal financial sector.
Tigo Sugira is the result of a close collaboration between Tigo and Urwego Opportunity Bank (UOB).
“We are committed to bringing secure, convenient and affordable financial services to Rwandans who have traditionally been excluded from the formal financial sector, and we believe that Tigo Sugira aligns perfectly with this mission by enabling us to provide a secure and accessible savings product to all Tigo Cash customers in Rwanda." said Tineyi Mawocha, CEO of Urwego Opportunity Bank.
Tongai Maramba, CEO, Tigo Rwanda, added: “Once again, Tigo is proud to launch an innovative product. Tigo Sugira is setting new standards for simple and user-friendly financial products. We are very excited to empower our customers even further”.