Competition is getting hotter for fintech startups across West Africa as Orange, a major player in telecommunications in Africa and the Middle East, and NSIA, leader in bancassurance, have announced the launch of Orange Bank Africa’s commercial activities across West Africa, with the pilot project starting in Abidjan, Côte d’Ivoire. Orange Bank Africa, headed by Jean-Louis Menann-Kouamé, aims to offer customers a simple credit and savings offer that is accessible at any time from their mobile.
“New technologies are needed to strengthen financial inclusion and support economic development, as mobile money has proven in recent years. Banking activity is new for Orange in Africa. It is fully consistent with our strategy as a multi-service operator and our desire to drive the continent’s digital transformation. Thanks to our association with NSIA, another African market leader, we facilitate access to banking services to as many people as possible, through simple and essential services, for the benefit of all our customers,” Stéphane Richard, Chairman and CEO of Orange said.
Here Is What You Need To Know
- The latest move by Orange in mobile financial services in Africa aims to offer solutions accessible to as many people as possible regardless of their income level or where they live. Thus, the objective of Orange Bank Africa is to become the benchmark player in financial inclusion in West Africa.
- Orange Bank Africa hopes to meet the needs of a large part of the population, often excluded from the traditional banking world, by allowing them to borrow or save small amounts essential for their daily lives.
- As soon as it is launched, Orange Bank Africa will offer, through the Orange Money channel, a savings and micro-credit offer allowing customers to borrow from 5,000 FCFA ($8.7) instantly from your mobile.
- Orange Bank Africa aims to expand into Senegal, Mali and Burkina Faso.
At the heart of financial transactions for several years, Orange Money and digital services have seen their importance reinforced and their adoption accelerated in times of health crisis. - For more information on Orange Bank Africa in Ivory Coast: https://orangebank.ci.
“I am very happy that the partnership concluded between Orange and NSIA has given birth to Orange Bank Africa. For 25 years, the NSIA Group has been developing banking and insurance solutions adapted to the needs of African populations with the aim of making them accessible to as many people as possible. We know that banking digitization is a sine qua non for the financial inclusion of our populations. We are therefore proud to have been able to combine our expertise and human capital with those of Orange for the creation of the 100% digital bank Orange Bank Africa,” Jean Kacou Diagou, President of the NSIA group said.
Read also: France’s Largest Telecom Operator, Orange, To Enter Nigerian And South African Markets
About Orange
Orange is one of the main telecommunications operators in the world, with a turnover of 42 billion euros in 2019 and 145,000 employees as of March 31, 2020, including 85,000 in France. The Group served 253 million customers as of March 31, 2020, including 208 million mobile customers, 21 million fixed broadband customers. The Group is present in 26 countries. Orange is also one of the world leaders in telecommunications services to multinational companies under the Orange Business Services brand. In December 2019, the Group presented its new strategic plan “Engage 2025” which, guided by social and environmental exemplarity, aims to reinvent its profession of operator. While accelerating in areas and areas with growth potential and by placing data and AI at the heart of its innovation model, the Group intends to be an attractive and responsible employer, adapted to emerging businesses.Orange is listed on Euronext Paris (symbol ORA) and on the New York Stock Exchange (symbol ORAN). For more information (on the web and on your mobile): www.orange.com, www.orange-business.com or to follow us on Twitter: @ presseorange.Orange and any other Orange product or service mentioned in this press release are trademarks owned by Orange or Orange Brand Services Limited.
About NSIA
The NSIA Group is a financial services group that integrates banking and insurance products and services. The NSIA Group is made up of 3 banks, 3 bank branches, 21 insurance companies, 1 management and inter-mediation company (SGI), 1 UCITS management company, 1 real estate company, 1 reinsurance brokerage company, and 1 Foundation. It has nearly 3,000 employees.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.