Orange teamed with financial services company NSIA to launch mobile banking services into its first African market, Ivory Coast, with plans to expand into Burkina Faso, Mali and Senegal.
Under the Orange Bank Africa brand, the company will provide savings and credit facilities to customers of its existing mobile money product. Small loans start at XOF5,000 ($8.83) with savings offering 3.5 per cent annual interest, subject to terms.
The service will be completely mobile-based, as with the operator’s Orange Bank in France and Spain.
Its Africa version is primarily aimed at the large number of people which do not, or are excluded from, traditional banking channels in its markets. In a statement, the company noted it aimed to “become a leader in ensuring financial inclusion in West Africa”.
Orange chairman and CEO Stephane Richard added: “Banking is a new area of business for Orange in Africa. It falls squarely in line with our strategy as a multi-service operator and our desire to drive the digital transformation forward in Africa.”
The operator’s partner in the launch, NSIA, is an Africa-focused financial services provider which runs a number of insurance, banking and broker brands.
Orange Bank Africa will be provided alongside Orange Money, which offers traditional cash-in, cash-out and mobile payment services in 18 of its markets.Subscribe to our daily newsletter Back