New service will enable Salvadorans and Guatemalans abroad to send
money to Tigo Money users instantly from their phones
LONDON–(BUSINESS WIRE)–Leading digital money transfer service WorldRemit
announced today it has partnered with Millicom’s subsidiaries Tigo Money
to open up new remittance routes to El Salvador and Guatemala, enabling
Salvadorans and Guatemalans abroad to send money transfers instantly to
more than one and a half million Tigo Money users in those countries,
directly from the WorldRemit app.
Tigo Money is a leading provider of mobile financial services for
customers across Latin America and is today the largest bill payments
platform in El Salvador. There is one Tigo Money transaction per second
in El Salvador, of which international remittances make a significant
contribution. In Guatemala, Tigo Money covers 92% of the total
territory, becoming the second largest physical distribution network in
WorldRemit users abroad will now be able to make secure, instant money
transfers back home from their mobile phone to any Tigo Money user in El
Salvador and Guatemala, who, no matter where they are, will have instant
availability and capacity to resend money domestically, buy top ups, pay
bills, or simply have the possibility to cash out partially or totally
their money in Tigo Money’s extensive agent network.
Tigo Money is the only mobile money provider in El Salvador and
Guatemala currently receiving international remittances from WorldRemit,
reaching more customers with mobile phones. Remittances play a very
important role in El Salvador’s and Guatemala’s economies –receiving
almost $4.1 billion & $7.1 billions in remittances respectively in
2016 according to the local Central Banks in both countries,
primarily from the United States and Canada.
With WorldRemit, people in more than 50 countries can send
instant, secure transfers to more than 140 destinations. Known
for its mobile-first approach, WorldRemit makes sending money as easy as
sending an instant message. More than 70% of the international
remittances sent to mobile money accounts in December 2016 were sent via
WorldRemit, according to the latest data published by the GSMA.
Ismail Ahmed, founder and CEO at WorldRemit, comments: “Our
partnership with Tigo Money in Central America will give more choice to
millions of Salvadorans and Guatemalas living and working abroad, giving
them a simple, safe way to support their friends and family without
having to wait in line at a money transfer agent. Offering our customers
the option to send to Tigo Money accounts supports the transition from
costly offline remittances via high street agents, to faster, safer and
lower cost online transfer methods”.
Ronald Alvarenga, Director of Mobile Financial Services for Millicom
says: “The Alliance with WorldRemit is one of our first 100% digital
alliances. It responds to our focus of placing our customers in the
center of all our services, providing the best customer experience they
can get through their mobile phones. This will benefit our Salvadoran
and Guatemalan community abroad as well as their relatives who live and
receive remittances in El Salvador and Guatemala. We are connecting
lives in a digital world, offering a convenient, fast, secure and
affordable way for customers to receive their money.”
WorldRemit customers currently send over 600,000 transfers every month.
For more information on how to send money to El Salvador and Guatemala
WorldRemit is changing the way people send money.
It’s easy – just open the app or visit the website – no more agents.
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More ways to receive (Mobile Money, bank transfer, cash pickup, and
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WorldRemit’s global headquarters are in London, UK with regional offices
in the United States, Canada, South Africa, Singapore, the Philippines,
Japan, Australia and New Zealand.