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 [Mobile Finance](https://developingtelecoms.com/telecom-technology/financial-services.html)## Millicom launches world’s first international mobile money service with currency conversion

 

 

   Details    James Barton    Category: [Mobile Finance](https://developingtelecoms.com/telecom-technology/financial-services.html)     28 February 2014     7735 views   

 

  ![](https://developingtelecoms.com/images/stories/Features/800x600/mobile-account-open300x225b.jpg)  

 

For the first time ever, mobile money users will be able to transfer cash across borders with currency conversion automatically included.

Two of Millicom’s operations in Africa are pioneering the new international money transfer service. Tigo Cash users in Rwanda and Tigo Pesa customers in Tanzania will be able to send each other money in their respective currencies without having to travel and queue at a traditional bank or money agent.

Using their mobile handsets, the service enables customers to use the funds to access a range of services in each country. These include airtime top-ups, payments for water, electricity, TV, transport, cash withdrawals at any Tigo agent and transfers to other mobile money users.

Millicom’s President and CEO Hans-Holger Albrecht said: “This innovation means the benefits of mobile money can be extended to cross-border trade, allowing businesses and families to transfer money quickly and securely in East Africa.”

 

 

   
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