French telecom giant Orange has partnered with NSIA to launch mobile banking services in Ivory Coast, media reports said. With the new partnership, the telecom giant will foray into the West African country and expand into Burkina Faso, Mali and Senegal.
Orange Money and other digital services have become popular on the continent during the current pandemic. Orange Money is anticipated to offer a myriad of services from savings to micro credit allowing African customers to instantly borrow 5,000 CFA francs using their mobile phones, media reports said.
In fact, Orange is an established telecom provider in select parts of Africa and the Middle East. Orange Chairman and CEO Stéphane Richard, said in a statement, “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.”
In 2018, the telecom giant had applied for a banking licence to the West African Economic and Monetary Union, media reports said. Revenues generated from Orange Africa increased 60 percent during 2016-17.