Home Business Millicom Made US$2.89 billion In Mobile Financial Services

Millicom Made US$2.89 billion In Mobile Financial Services

Tigo cASH
Tigo cASH

Millicom, the parent company of Tigo Ghana has registered growth in its mobile financial services customer base during its fourth-quarter 2015 results.

Tigo cASH
Tigo cASH

According to a statement issued, mobile financial services added close to 470,000 new users to the existing 11.2 million customer base, up by 18 per cent in one year. The growth largely came from Ghana, Tanzania and Rwanda.

The statement said transactions during the period came to US$2.89 billion excluding top-ups, up 3.9 per cent.

The company’s mobile subscriber base also increased by 1.1 million in the last quarter of 2015 to 62.6 million, a figure which includes the acquisition of Zantel Tanzania’s market share.
During the period, Millicom sold nearly 1.6 million smartphones and added 1 million new mobile data users, with 30 per cent of the customer base now using data.

“The fourth quarter delivered organic service revenue growth at 6 per cent. Like most multinationals operating in emerging markets, our topline performance has been marred by the impact of currency depreciation and weakening economies but we are resilient and this remains a very creditable performance,” said Millicom’s Chief Executive Officer, Mauricio Ramos.

He added: “2015 was a good year operationally, as we focused on profitable and responsible growth, combined with efficiency measures to enhance margins and improve cash flow.”

He explained that in Africa, the company is employing stringent capital allocation disciplines. “In 2016, we intend to deliver an improved cash profile from the Africa businesses. To that end we have rapidly restructured the regional leadership and country operations in order to accelerate growth in the core business and mitigate challenges in the macro economy”.

He concluded that the company has the right strategy and market positions to support its ambitions. “Our Digital Lifestyle strategy is simple: expand our cable footprint and improve data monetization. This will form a sound basis on which to drive the business forward in 2016.”

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