Tigo Money

What Tigo Money does

Tigo Money is a multi-country mobile wallet and digital financial services platform operating across six Latin American markets (Bolivia, El Salvador, Guatemala, Honduras, Panama, and Paraguay), serving unbanked and underbanked consumers, remittance recipients, and small merchants. The product is operated by separate licensed electronic-money entities in each country (E-Fectivo ESPM S.A. in Bolivia, SPDE Mobile Cash S.A. in El Salvador, COMCORP in Guatemala, DINELSA in Honduras, and Digital Wallet Panamá S.A.), all functioning as business units under the Millicom-owned Tigo telecom brand. The core offering is the Billetera Móvil, an e-money account accessed through a smartphone app (iOS and Android), a USSD shortcode (*555#) for feature-phone users, and a network of 2,000+ physical Tigo Money agent points for cash-in/cash-out.

The product portfolio includes peer-to-peer money transfers via QR, international remittance receipt (notably via a Western Union/CORELLA integration in Honduras), utility bill payments, mobile airtime and data package purchases, and a Visa-branded prepaid card in Panama. El Salvador offers a Bitcoin cash-in feature that credits wallets in USD. Distribution is multi-channel: mobile app, USSD, agent network, Tigo retail stores, and call centers. Marketing relies on digital channels (website, Instagram, YouTube) plus merchant promotion partnerships (Cinemark, Multicine, PUNTOFARMA, Cinepolis, Metro de Panama, Dominos).

Revenue is generated exclusively through transaction-based fees: percentage-based charges on cash-out withdrawals (4.1%–6.5% in Honduras, up to 4.5% in El Salvador), fixed commissions on bill payments, prepaid card issuance/usage fees, and revenue share on airtime sales. Pricing is highly localized by country. The company is not independently funded and has no disclosed revenue. Recent strategic moves include the announced closure of Guatemala operations on June 30, 2026 and a March 2026 restructuring of El Salvador to a bill-payment-only model, signaling net footprint contraction.

Name

Tigo Money

Legal name

Digital Wallet Panamá, S.A.

Website

https://tigomoney.com

Company type

Private

Operating status

Operating

Headcount range

51–100 employees

Short description

Tigo Money is a multi-country Latin American mobile wallet operated under Millicom's Tigo telecom brand, serving unbanked consumers, remittance recipients, and small merchants across Bolivia, El Salvador, Honduras, Panama, and Paraguay via app, USSD, and 2,000+ agent points.

Ownership category

akta.pro rank

Product category

Mobile Money and Digital Financial Services

akta.pro primary industry

Carrier Billing & Telco Mobile Money (FSAMAEAD)

akta.pro secondary industries

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG), Cross-Border & FX Payments Platforms (BPAMAFAK), Consumer P2P International Remittances (FSAGAKAA), Alternative Payments & Digital Wallet Acceptance (A2A, RTP, wallets) (THALAHAH), Crypto Remittance & Cross-Border Money Transfer Providers (FSADAIAD)

Keywords

• Mobile money
• Digital wallet
• Electronic payments
• Remittance services
• Bill payment platform

Headquarters

HQ city

Panama City

HQ country

Panama

HQ region

Latin America

Offices7 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Fees - Cash-Out/Withdrawals: Percentage-based fees charged on cash withdrawal transactions from the digital wallet. In Honduras, fees range from 4.1% to 6.5% depending on withdrawal amount. In El Salvador, up to 4.5% on certain transaction types.
2. Bill Payment Commissions: Fixed fees charged for utility and service payments processed through the platform (e.g., ENEE L.12.00, HONDUTEL L.3.00 in Honduras)
3. Remittance Services: Fees for international money transfer services including receipt of remittances through affiliated networks such as Western Union in Honduras and other international remittance providers
4. Prepaid Card Fees: Commissions from card issuance, replacement, usage, and withdrawal services associated with the Visa Tigo Money prepaid card product in Panama
5. Airtime/Recarga Commissions: Fees or revenue share from mobile phone airtime and package purchases made through the Tigo Money platform

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

Tigo Money is a multi-country mobile wallet and digital financial services platform operating across Bolivia, El Salvador, Guatemala, Honduras, Panama, and Paraguay. The core offering is the Billetera Móvil (Mobile Wallet), an electronic money account linked to a user's mobile phone number that enables peer-to-peer money transfers, bill payments, airtime and data package purchases, QR-based merchant payments, international remittances, and — in Panama — a Visa prepaid card. Service is accessed via a mobile application, USSD (*555#) channel, or physical agent points.

Product overview

Tigo Money is a multi-country mobile wallet and digital financial services platform operating across Bolivia, El Salvador, Guatemala, Honduras, Panama, and Paraguay. The core offering is the Billetera Móvil (Mobile Wallet), an electronic money account accessed via mobile app, USSD (*555#) channel, or agent points. The platform is offered by different licensed entities in each country: E-FECTIVO ESPM S.A. in Bolivia, SPDE Mobile Cash, S.A. in El Salvador, COMUNICACIONES CORPORATIVAS S.A. (COMCORP) in Guatemala, DINERO ELECTRÓNICO S.A. (DINELSA) in Honduras, and DIGITAL WALLET PANAMÁ, S.A. in Panama. The product portfolio includes peer-to-peer money transfers, international remittances, bill payments, airtime and data package purchases, an entrepreneur profile for merchant QR payments, and — in Panama — a Visa-branded prepaid card. Access channels span a dedicated mobile application (iOS and Android), USSD menu for Tigo subscribers, and a network of physical agent points (Puntos Tigo Money). Guatemala is ceasing operations on June 30, 2026; El Salvador is transforming to focus exclusively on bill payment services.

Differentiator

Problem solved

Functional benefit

Products and services

• Tigo Money App (Billetera Móvil) Mobile application enabling users to send and receive money, pay bills, make purchases, recharge phone credit, and access digital financial services from a smartphone. Electronic money account linked to the user's mobile phone number.
• Billetera Móvil (Mobile Wallet) Electronic monetary registry linked to a user's mobile phone number, allowing transactions with electronic money including cash-in, cash-out, transfers, bill payments, and purchases. Regulated under each country's electronic money framework.
• USSD Channel (*555#) Unstructured Supplementary Service Data channel exclusive to Tigo subscribers providing menu-driven access to wallet services including money transfers, bill payments, and balance inquiries without requiring a smartphone or internet connection.
• Puntos Tigo Money (Agent Network) Physical agent points and ATMs enabling cash-in (loading money to wallet) and cash-out (withdrawing cash from wallet) transactions. Honduras operates more than 2,000 Tigo Money points; El Salvador has over 2,000 Tigo Money points.
• Remesas Internacionales (International Remittances) International money transfer service allowing users to send and receive cross-border remittances. In Honduras, users can receive remittances sent through Western Union, processed via CORREOS Y REMESAS ELECTRÓNICAS S.A. (CORELLA).
• Pago de Facturas (Bill Payment) Service enabling users to pay utility bills (electricity, water, telecom), financial services, insurers, and other providers through the Tigo Money wallet. Supports payments to providers like ENEE, HONDUTEL, SANAA, RECO in Honduras.
• Recargas y Paquetigos (Airtime and Data Packages) Purchase of Tigo phone credit top-ups and data bundles using funds stored in the Tigo Money wallet.
• Perfil Emprendedor (Entrepreneur Profile) Feature allowing users to publish products and services with geolocation in the Tigo Money wallet, receive QR code payments from customers, and gain visibility in the merchant directory. Available in Guatemala and Panama markets.
• Tarjeta Visa Tigo Money Physical and virtual Visa prepaid card issued by Digital Wallet Panamá, S.A., linked to the Tigo Money wallet balance, usable at Visa merchant networks worldwide and for ATM withdrawals. Card valid for 5 years, supports cash reloads.
• Transferencias por QR (QR Transfers) Service enabling users to transfer money by scanning or displaying QR codes, facilitating peer-to-peer payments and commerce transactions in Bolivia.

Quantifiable outcome

• 76% of citizens in Tanzania now access formal financial services through digital platforms - demonstrating mobile money market potential in similar emerging markets

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Western Union (via CORREOS Y REMESAS ELECTRONICAS S.A.)coreTechnology or IntegrationInternational remittance partnership enabling Tigo Money users in Honduras to receive remittances sent through Western Union. Funds are downloaded to the Tigo Money digital wallet through the CORELLA network.
• Cinemark BoliviaminorGTM or Marketing PartnerPromotional partnership offering 2x1 movie tickets on Wednesdays for Tigo Money users in Bolivia.
• Multicine BoliviaminorGTM or Marketing PartnerPromotional partnership offering 2x1 or 50% discount movie deals for Tigo Money users in Bolivia.
• PUNTOFARMA ParaguayminorGTM or Marketing PartnerDaily discount partner participating in Tigo Money Paraguay promotional program.
• Cinepolis PanamaminorGTM or Marketing PartnerBuy one get one movie ticket promotion with Visa Tigo Money cardholders in Panama.
• Metro de PanamaminorGTM or Marketing PartnerTransit payment partnership allowing Visa Tigo Money users to pay Metro fares in Panama.
• Visa InternationalcoreTechnology or IntegrationCard network partnership for Visa Tigo Money prepaid cards in Panama, enabling purchases at Visa merchants worldwide and ATM withdrawals.
• Dominos Pizza PanamaminorGTM or Marketing PartnerFood delivery promotion partnership with various pizza deals for Tigo Money users.

Scale indicators4 records

Recent moves8 records

Expansion highlights5 records

Broad incumbents

• Mercado Pago: Broader LatAm fintech payments and wallet platform from MercadoLibre. Overlaps with Tigo Money on P2P, QR merchant payments, and digital wallet services, but operates as a wider payments-and-credit ecosystem across many more LatAm countries and segments.
• PayPal: Global digital wallet and payments platform. Overlaps with Tigo Money at the conceptual digital-wallet level and through cross-border money movement, but operates at vastly larger scale with a different customer base (international online retail vs. unbanked cash-in/cash-out).

Direct peers

• MACH: Chilean mobile wallet operated by Banco Itaú Unibanco. Direct LatAm comparable offering P2P transfers, bill pay, and Mastercard-linked card functionality — a same-region digital wallet with comparable feature set aimed at underbanked/banked consumers.
• bKash: Bangladesh's leading mobile financial services platform, originally launched with telco operator Grameenphone. Closely comparable as a telco-anchored mobile wallet serving unbanked populations, with P2P, bill pay, merchant payments, and agent-based cash access.
• Airtel Money: Mobile money arm of Airtel Africa. Direct telco-mobile-money peer operating across multiple African markets, with agent-network cash-in/cash-out and cross-border remittance focus comparable to Tigo Money's multi-country footprint.
• Nequi: Mobile wallet operated by Bancolombia in Colombia. Direct LatAm comparable — same digital-wallet-led financial inclusion proposition, QR-code merchant payments, bill-pay, and unbanked-segment focus that Tigo Money targets in Honduras, Panama, and Paraguay.
• Yape: Mobile wallet operated by Banco de Crédito del Perú. Direct LatAm peer offering QR payments, P2P transfers, and bill pay — competing for the same underbanked consumer wallet-share that Tigo Money targets in Bolivia, Honduras, and Paraguay.
• Daviplata: Mobile wallet operated by Davivienda in Colombia. Closely comparable LatAm digital wallet with similar P2P, bill-pay, and cash-in/cash-out features, serving underbanked consumers in a market adjacent to several Tigo Money territories.
• M-Pesa: Mobile money service operated by Safaricom (Vodafone-affiliated) in Kenya and other African markets. The gold-standard telco-led mobile wallet — same telco-mobile-money model, same unbanked customer focus, same agent-network cash-in/cash-out architecture as Tigo Money.
• Orange Money: Mobile money service operated by Orange across multiple African and Middle Eastern markets. Same telco-led mobile money model with international remittance and merchant payments, mirroring Tigo Money's telco-anchored multi-country strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@tigomoneyoficial
• Instagraminstagram.com/tigomoneyoficial
• LinkedInlinkedin.com/company/tigomoney

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tigo Money