Millicom confirms major investment in Panama

Millicom confirms major investment in Panama

Millicom, a leading provider of fixed and mobile services operating under the Tigo brand, has further underlined its enhanced focus on Latin America with the confirmation of a $250 million investment plan for Panama.

This was announced after a meeting between the country’s president, Laurentino Cortizo Cohen, and the Millicom CEO, Mauricio Ramos.

Among the investments discussed was the creation of Tigo’s Fintech Hub in Panama, and the expansion of mobile financial services for the entire region based, it seems, on Panama’s strategic position and its strength in international banking.

Millicom describes itself as a pioneer in the mobile financial services business and says it has doubled the number of digital transactions conducted through its Tigo Money platform during the past year.

With an investment of approximately $250 million for the 2021-2022 period, Tigo Panama says it is undertaking modernisation and expansion of its fixed and mobile networks with the latest technology for increased capacity and speed, and for expanded TV, fixed and mobile internet and phone services.

The company plans to expand its coverage throughout the country and has added 78 mobile network sites as of May this year, reaching more than 450,000 people. The progress plan for the second half of 2021 includes the addition of 143 new sites throughout the country.

Millicom, a telecommunications group with a strong focus on developing markets, concluded its Africa divestiture programme earlier this year, with the aim of focusing mainly on Latin America.