Orange has partnered with bancassurance leader NSIA to launch Orange Bank Africa in Abidjan and Côte d’Ivoire.
The unit, headed by Jean-Louis Menann-Kouamé, will offer clients a range of simple savings and credit services available at all times via mobile phone. Orange Bank Africa will address the needs of a large part of the population, often excluded from the world of conventional banking, allowing them to borrow and save small amounts that are nonetheless essential for their everyday lives.
When it launches, Orange Bank Africa via its Orange Money service will offer a range of savings and micro credit services allowing customers to borrow as little as 5,000 CFA francs instantly using their mobile phone. Orange’s mobile financial services strategy in Africa aims to offer solutions accessible to the broadest population regardless of their income or where they live.
Orange Chairman and CEO, Stéphane Richard, 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.”
Jean Kacou Diagou, CEO of NSIA, adds: “For the past 25 years, NSIA Group has been developing bank and insurance solutions to address the needs of African people and make them available to as many people as possible. We know that electronic banking is vital for the financial inclusion of our customers.”
Orange Bank Africa will expand into Senegal, Mali and Burkina Faso.