Cash transfer and payments service Orange Money was held-up as the future of the operator group’s financial service play in Europe, a week after reports revealed further issues surrounding its vaunted Orange Bank service.
Orange Money is currently available in 17 markets and is primarily Africa-focused, though limited functionality versions of the app are available in other markets.
In Africa the service is used for a wide range of mobile money services, while in selected European markets consumers are able to use the app for domestic and international peer-to-peer cash and phone credit transfers.
In a statement on the progress of the service, Orange Group deputy CEO for Mobile Financial Services, Paul de Leusse (pictured), said: “Orange Money represents the future of Orange’s mobile financial services in all our countries, especially in Europe”.
The comment is a rare mention of the service in relation to its European footprint, where recent focus from the company’s mobile financial services executives have been on its Orange Bank service – tipped by top management as ready to shake-up the banking sector.
Orange Bank launched in November 2017, having been delayed by four months due to issues related to “quality and reliability” in the testing phase. It plans to launch in Spain in 2019, but is reportedly facing issues gaining a licence in the country, meaning it will likely have to launch on a French licence.
Last week, Reuters reported Orange Bank CEO Andre Coisne was set to resign, with a new management team put in place under de Leusse, who already counts the banking unit as part of his duties.
The operator is working on expanding the service into loans and savings through partnership agreements, and launched the new products in Mali and Madagascar in early 2018. It noted international remittance was also a “strong area of development” going forward.
By the end of 2017, Orange Money had 40 million customers, with €26 billion worth of transactions processed during the year.Subscribe to our daily newsletter Back