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Dar es Salaam.  12th May, 2022. Tanzania’s leading digital lifestyle company, Tigo, has partnered with Azania Bank to launch an overdraft product dubbed Bustisha which will enable Tigo Pesa customers to complete their transactions even if they have insufficient funds. Active Tigo Pesa customers will be eligible to access this product but will have to first subscribe and consent via the Tigo Pesa menu or Tigo Pesa App.

Customers are expected to repay the overdraft extended to them upon depositing or receiving money in their Tigo Pesa wallets.

The Tigo Chief Officer for Mobile Financial Services (Tigo Pesa), Angelica Pesha said, “We are excited to bring to life our innovative digital financial product in partnership with Azania Bank to provide our active Tigo Pesa customers with the ease of transacting beyond their Tigo Pesa wallet balance. We believe that, this service will give our customers the convenience to transact seamlessly during times of need.”

“The customer is expected to repay the overdraft extended to them including applicable fees and interest automatically upon depositing or receiving money in their Tigo Pesa wallets. The customer can pay at their convenience through the Tigo Pesa menu or Tigo Pesa App, after which, an auto deduction in Tigo Pesa wallet will be done to recover the outstanding balance.” Added Pesha.

Speaking on behalf of Azania Bank, the bank’s Senior Manager -Treasury & Capital Markets Rukwaro Senkoro, articulated that Azania Bank’s strategic partnership with Tigo for the introduction of overdraft product will further step up the competition in the digital lending space. The Bank will provide an active Tigo Pesa customer with a credit facility that will be charged an access fee of the amount borrowed, and a daily interest on the outstanding balance based on their credit scores derived using normal financial behavior of their Tigo Pesa Wallets.

“The moment you have an easy and safe payment solution, financial inclusion follows. Through our partnership with Tigo, the Bank is able to further deliver its goal of supporting financial inclusion and empowering Tanzanians by delivering on increased access and usage of financial services”, affirmed Senkoro.

To subscribe for the overdraft a customer needs to Dial *150*01# then Select 7: Financial services, Select 4: Loans, Select 2: Bustisha, Accept Terms & Condition, Enter Tigo Pesa PIN to confirm subscription

“Bustisha comes into the market as an innovative and easily accessible digital lending service making credit easily accessible to over 9 million TigoPesa active users”. Summed up Pesha.

About Tigo:

Tigo Tanzania is Tanzania’s leading digital lifestyle telecommunications company. Tigo started its operations in Tanzania in 1995.   Through its distinctive and diverse product portfolio in voice, SMS, high-speed internet and mobile financial services, Tigo has pioneered digital innovations such as the first Smartphone in Swahili, Free Facebook in Swahili, TigoPesa App, Tigo Mobile App as well as the first East African cross-border mobile money transfer with currency conversion.

Tigo is part of AXIAN Telecom.  AXIAN Telecom is a pan-African telecommunications services provider operating in eight markets through its subsidiaries in Madagascar, Comoros, Reunion, Mayotte, Senegal, Togo, Uganda and Tanzania. www.axian-telecom.com

For further information visit: www.tigo.co.tz or contact:

Woinde Shisael – Corporate Communications Manager

woinde.shisael@35.181.169.223

About Azania:

Azania Bank Limited was established in 1995, we are the first indigenous private bank in the United Republic of Tanzania following the liberalization of the banking sector.

Azania Bank Limited being a fully-fledged commercial bank offering a range of banking services where by our customers can open current (Business/ personal) accounts and various savings accounts for SMEs, children and students. Azania Bank offers a wide range of loan products, such as business loans, consumer loans and mortgage facilities which includes funds transfers domestically and internationally through TISS, Western union, Africash and Money gram. We offer attractive interest rates for fixed deposits accounts and all our savings accounts.

We currently provide banking services at 24 locations in Tanzania. We also have 13 Standalone Bureau De Change units and “Forex Exchange Windows” in all our branches across the region. We offer services through our various Bank channels including branch services, online, smartphones, Wakala, Visa Cards and ATMs

SHAREHOLDING STRUCTURE

The major shareholders of the Bank include Parastatal Public Servant Service Fund (PSSSF) 51.32%, National Social Security Fund (NSSF) 28.04%, NHIF 17.97%, WCF 1.78% East African Development Bank (EADB) 0.50%, and several indigenous Minority Shareholders including staff holding 0.39% of the shares.

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