Tigo Money plans to expand operations to US by year-end

Thursday, March 17, 2011

Honduran mobile operator Tigo - controlled by Millicom International Cellular (Nasdaq: MICC) - expects to expand its mobile money service Tigo Money to the US by the end of the year, local media outlet El Heraldo reported.

Through a partnership with local bank Banco Atlántida, the anticipated expansion of Tigo Money will allow Hondurans living in the US to send remittances back home. Currently, Tigo Money only allows users in Honduras to send and receive money locally.

Tigo Money manager David Mendoza said that during Q1 alone, the company expects to add 50,000 subscribers to the service, and it aims to become the primary national option for sending and withdrawing money by the end of the year.

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Through Tigo Money's platform, subscribers can use their cell phones to receive money, as well as make withdrawals at the platform's points of sale. A secret PIN accessed directly from the phone is used to ensure the service's security.

According to El Heraldo, data on remittances and money transactions in the country show that the average person sends around 2,000 lempiras (US$106) a month locally.