African telecoms provider, Orange has partnered with NSIA to launch Orange Bank Africa, a payment service bank (PSB) which provides access to financial services and improve the financial inclusion in West Africa.
The new PSB aims to address the financial needs of a large part of the population often excluded from the world of conventional banking. It also aims to allow them to borrow and save money. Orange Bank Africa will be headed by Jean-Louis Menann-Kouamé.
Speaking on the launch, the Chairman and CEO of Orange Chairman, Stéphane Richard, explained that banking is the next area of business for Orange in Africa.
“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.
He added that:
“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.”
Orange Bank Africa has launched in Abidjan, Côte d’Ivoire and is planning to expand later into Senegal, Mali and Burkina Faso.
Orange Money Service
Under Orange Bank Africa, the partnership will launch an Orange Money service, a mobile money service that will offer a range of savings and microcredit services allowing customers to borrow as little as 5,000 CFA francs instantly using their mobile phone.
By offering solutions accessible to the broadest population regardless of their income or where they live, Orange Bank Africa intends to become a leader in ensuring financial inclusion in West Africa.
Sharing his thoughts the CEO of NSIA, Jean Kacou Diagou, said he was pleased to have partnered with Orange to create the fully digital Orange Bank Africa.
“I am very pleased that the partnership between Orange and NSIA has resulted in the creation of Orange Bank Africa. We know that electronic banking is vital for the financial inclusion of our customers. We are proud to have combined our expertise and human capital with that of Orange to create the fully digital Orange Bank Africa.”
Having played an essential part in financial transactions for years with Orange Money, Orange believes that mobile banking has an important role to play in Africa.