Tigo Money, Millicom’s fintech business and Visa collaborate to increase financial inclusion in Latin America
Press release
By Millicom
LUXEMBOURG, 21 November 2022 – Tigo Money, the Fintech business of Millicom revolutionizing financial inclusion with digital technology in Latin America, and Visa, the world leader in digital payments, today announced a regional agreement aimed at expanding access to digital financial services and driving financial inclusion across Latin America. According to the agreement, millions of Tigo Money consumers in the region will benefit from a new payment solution – the Tigo Money Visa card. The card is linked to the consumer’s Tigo Money wallet and allows them to spend their digital money easily and securely anywhere Visa is accepted.
The Tigo Money Visa card can be obtained for free via the Tigo Money mobile app. The solution offers a digital onboarding experience and the ability to immediately use funds in the Tigo Money Wallet for convenient and secure online or physical payments. Users will also be able to choose a physical card for use at more than 80 million merchants around the world where Visa is accepted. With this partnership, Visa and Millicom target more than 5 million Tigo Money users across the region, bringing more and more people into the financial system.
“At Visa, we are focused on delivering digital payment solutions that can help consumers and economies thrive. Our collaboration with Tigo Money is exciting, because it will help bring financial inclusion to a new level, and open opportunities to connect more people to the digital economy, says Eduardo Coello Regional President for Visa Latin America and the Caribbean. “While most countries in our region continue to operate in a cash-based economy, with available digital solutions such as the Tigo Money Visa Card, we are bridging the gap and responding to the needs of the financially and digitally excluded sectors.”
“Our alliance with Visa will provide millions of our customers and new users in the region with accessible and much-needed payment options to increase financial inclusion and socioeconomic prosperity,” added Pablo Montivero Araya, CEO Tigo Money. “From the very beginning, we have been very pleased to work with Visa to jointly launch this new payment solution, as we continue to move the needle to enable innovative and inclusive digital solutions at scale,” he added.
The Tigo Money Visa card will also feature contactless payment technology, allowing users to tap to pay for everyday activities, such as taking public transport or eating at restaurants.
Visa’s partnership with Tigo Money is part of the company’s broader strategy of partnering with technology companies to provide digital solutions in the pursuit of digital inclusion and to promote cashless economies. Visa continues to work with platforms, Fintechs, digital solution developers and startups to co-create the best payment solutions that add value to the ecosystem.
Within Millicom’s purpose of building digital highways that connect people, improve lives and develop communities, Tigo Money offers comprehensive services that can make this possible, fulfilling its promise to promote financial inclusion through technology in the Latin American region. The alliance with Visa is a good example of this growth strategy and its potential.
About Millicom
Millicom (NASDAQ US: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we offer a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice and business -to- business solutions such as cloud and security. As of September 30, 2022, Millicom employed approximately 20,000 people and provided mobile and fiber cable services through its digital highways to more than 45 million customers, with a fiber cable footprint over 13 million homes passed. Millicom International Cellular SA was founded in 1990 and is headquartered in Luxembourg. For more information, visit millicom.com. Connect with Millicom on Twitter, Instagram, Facebook and LinkedIn.
About Tigo Money
Tigo Money is the Fintech business of the Millicom (Tigo) Group, with a presence in Guatemala, El Salvador, Honduras, Bolivia and Paraguay revolutionizing financial inclusion through digital technology for the benefit of millions of customers daily. Tigo Money is a simple, fast, intuitive and convenient e-wallet that allows users to manage their money from the palm of their hand, simply by using their mobile phone.
About Visa
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payment network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere lift everyone everywhere and see access as fundamental to the future of money movement. Learn more at Visa.com.
