The Orange Group has joined forces with NSIA, a player in the bancassurance sector, to launch Orange Bank Africa in the Ivorian economic capital of Abidjan.
The official launch of Orange Bank Africa's commercial activities took place on July 23. Through this new entity, the major player in the continent's telecoms landscape aims to promote access to financial services for populations that still have very little access to banking services.
Through the Orange Money channel created in 2008, Orange will offer savings and microcredit services accessible via mobile phones to promote financial inclusion for populations in West Africa.
According to Stéphane Richard, Chairman and CEO of Orange: "New technologies are necessary to strengthen financial inclusion and support economic development, as mobile money has proven in recent years. Banking is a new activity for Orange in Africa. It is perfectly in line with our strategy as a multi-service operator and our desire to be a driving force behind the continent's digital transformation. Thanks to our partnership with NSIA, another leader in the African market, we are facilitating access to banking services for as many people as possible, through simple and essential services, for the benefit of all our customers.
Jean Louis Menann-Kouamé will head up Orange Bank Africa's activities, which are expected to expand to Senegal, Mali, and Burkina Faso in the future.
Source: Press release