Orange, NSIA to launch Orange Bank Africa in Abidjan and Côte d’Ivoire
Orange, a telecommunications provider in Africa and the Middle East, has joined forces with financial services provider NSIA Group, for the launch of Orange Bank Africa in Abidjan and Côte d’Ivoire.
Orange Bank Africa, which will be headed by Jean-Louis Menann-Kouamé, will provide clients a variety of savings and credit services, which will be available round-the-clock through mobile phones.
According to Orange, the new bank is expected to meet the requirements of a large part of the population, which has been usually excluded from the world of traditional banking, enabling them to borrow and save small amounts that are required for their daily lives.
Once launched, Orange Bank Africa through its Orange Money service will provide a variety of savings and micro credit services which will let customers to instantly borrow as low as 5,000 CFA francs using their mobile phones.
Orange said that its mobile financial services strategy in Africa is targeting to provide solutions that can be accessible by the broadest population irrespective of their income or the place where they live.
Orange Bank Africa is planned to become a major force in ensuring financial inclusion in West Africa.
Stéphane Richard – Orange Chairman and 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.”
Orange Bank Africa is also planned to expand into Senegal, Burkina Faso, and Mali.
Orange said that due to the ongoing COVID-19 crisis, mobile banking has a major role to play in Africa and that is the very essence of the company’s purpose of offering everyone with the keys to a responsible digital world.
Jean Kacou Diagou – CEO of NSIA Group said: “I am very pleased that the partnership between Orange and NSIA has resulted in the creation of Orange Bank Africa. 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. We are proud to have combined our expertise and human capital with that of Orange to create the fully digital Orange Bank Africa.”