Orange Bank Africa has been established to offer simple savings and credit services to the people of West Africa who have remained excluded from mainstream banking
Orange Bank Africa goes live in Abidjan and Côte d’Ivoire. (Credit: Pixabay/Pexels)
Orange, a telecom provider in Africa and the Middle East and NSIA, a bancassurance company, have launched Orange Bank Africa in Abidjan and Côte d’Ivoire.
Headed by Jean-Louis Menann-Kouamé, the bank has been formed to address the needs of a large part of the population who has been excluded from mainstream banking.
The new bank will enable them to access a range of savings and micro credit services.
Through its Orange Money service, the Orange Bank Africa will allow its customers to save money and borrow CFA5,000 ($8.85) instantly using their mobile phones.
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.”
Orange Bank Africa expand into Senegal, Mali and Burkina Faso
For several years now, Orange Money and digital services have become important services in the region, providing a way to conduct financial transactions.
During the time of the pandemic, more and more people have adopted the service and Orange believes that mobile banking has an important role to play in the continent.
In near future, Orange Bank Africa plans to expand into Senegal, Mali and Burkina Faso.
NSIA CEO Jean Kacou Diagou 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.”
Orange Bank Africa has gone live with Temenos Transact, which is delivered by banking software company Temenos as software-as-a-Service (SaaS).
To deploy the solution remotely after the onset of the Covid-19 pandemic, Temenos and its partner, MCB Consulting, worked closely with Orange Bank Africa.