Money transfer service provider Barri Financial Group has partnered with TransferTo to enable real-time Mobile Money transfers to Tigo Money accounts in El Salvador.
Powered by TransferTo’s B2B Mobile Money and Airtime Hub, the partnership will enable Barri to offer its customers in the US a faster, more convenient and secure money transfers to Tigo Money accounts in El Salvador, while helping to drive greater financial inclusion in the country. The service builds upon TransferTo’s existing relationship with Barri, which enables the money transfer service provider to offer Mobile Airtime transfers to El Salvador, and all other countries in Latin America.
According to the World Bank, globally around 2.5 billion people are ‘unbanked’ with no access to financial services. This is particularly true in developing markets such as El Salvador, where people are more likely to have a mobile phone than a bank account. Mobile Money services are enabling users to save, spend and store money using a mobile phone, while offering a safer and more secure alternative to cash.
The partnership comes two months after TransferTo partnered with Millicom, the parent company of Tigo Money, to scale up its Tigo Money brand in Central and South America. Tigo Money allows millions of customers to send and receive money domestically, and receive money internationally. Tigo Money’s customers can pay bills, use Phone-to-Phone (P2P) services and self-top ups, and make merchant payments via Tigo Mobile Money using a smartphone app or via the Tigo Money USSD service.
Alberto Laureano, CEO of Barri said: “This service will help reduce the levels of unbanked people in the country, and it will accelerate financial inclusion in a country that greatly needs it.”