Orange, in partnership with NSIA, has launched “Orange Bank Africa”, its mobile money service. Jean-Louis Menann-Kouame will lead the new subsidiary which will offer clients a range of financial services via mobile phone.
Orange is a leading telecom service provider in the Middle East and Francophone Africa. NSIA Group, on the other hand, has been developing banking and insurance solution for Africa.
With the launch of Orange Bank Africa, they seek to financially include the unbanked and underbanked. It allows subscribers to borrow and access micro-credit services. Customers can instantly borrow as low as 5000 CFA franc using the mobile app.
Orange is offering mobile financial services to customers, regardless of their income and location. The underlying aim is to ensure financial inclusion in Africa. It plans to expand to Senegal, Mali, and Burkina Faso.
Speaking about the partnership and launch, Stephane Richard, Orange CEO said, “New technology is needed to strengthen financial inclusion and support economic development, as proven by mobile money over the past few years. 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. Based on our association with NSIA, also a leader on the market in Africa, we provide easy access to bank services for as many people as possible, with simple and essential services that benefit all our clients.”