Orange Money reaches 3 million
VALUE ADDED SERVICES| Nov. 24, 2011, 7:49 p.m.
Orange Money has reached the threshold of 3 million customers in the eight countries where it is now offered. Orange says this growth makes it now one of the most powerful electronic money services in Africa.
Orange Money has tripled its customer base in the past year and continues to grow with the recent launch of services in two new countries: in Botswana in partnership with the Standard Chartered Bank, and in Cameroon in partnership with the BICEC (BPCE group).
Orange Money is a mobile phone-based payment service designed to meet the needs of customers in Africa and the Middle East. The company says such services offer a huge potential in sub-Saharan Africa in particular, where less than 10% of the population have access to a bank account but more than 60% have a mobile phone.
In countries where it is available, mobile phone customers may open an Orange Money account whether or not they have a bank account. Orange Money allows customers to carry out simple banking operations and transactions in total security. The three key services include money transfers, payments and financial services.
Orange says it plans to expand the Orange Money offer in the near future to include the possibility of receiving international money transfers. Orange and Western Union, a global leader in international money transfer services, have joined forces to develop this new service, which will enable Orange Money customers to receive transfers directly on their mobile phones via Western Union's global system. According to the World Bank, countries in Africa, the Middle East and Asia (AMEA) in which the Group operates receive more than 25 million transfers every year.
“Western Union is leading the way in bringing cross-border remittances to people around the globe via their mobile phones,” said Gregg Marshall, Global Head, Mobile Services, Western Union. “We are pioneering a full range of ways for our consumers to send and receive money. This alliance with Orange - one of the world's most successful mobile operators - will introduce cross-border remittances to an entirely new segment of customers by allowing them to receive money using just their mobile phones."
Commenting on the development of Orange Money, Marc Rennard, Orange’s Executive Director for AMEA operations, said: “Orange Money is a very important part of our strategy in Africa and emerging markets. Mobile payment services have the potential to bring cost-effective and secure access to banking services to people with low incomes, who often live in rural or remote areas. By providing our customers with the means to save money, pay bills, run their businesses and receive money from abroad, we are not only reinforcing customer fidelity but we are also able to play an active role in the economic and social development of the country.”
First launched in Côte d’Ivoire in December 2008, Orange Money is also available in Senegal, Madagascar, Mali, Niger and Kenya, as well as in Botswana and Cameroon. It will soon be launched in Mauritius.
MORE VALUE ADDED SERVICES NEWS
Safaricom-Equity battle for mobile banking hots upEquity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit. Read More
Airtel Uganda money transfer voted best digital financial serviceAirtel Uganda was voted the Best Digital Financial Service of the year at the Digital Impact Awards Africa held at the Sheraton Kampala Hotel. Read More
DRC civil servants hail mobile banking, ICTsCivil servants in the Democratic Republic of Congo (DRC) have described mobile banking as the ‘biggest miracle’ of the 21st century. Read More
Streamed services to push digital music sales to $14bn by 2019A new report from Juniper Research found that the digital music industry will experience slow growth in revenue over the next 5 years, from $12.3bn this year to $13.9bn in 2019. Read More
Airtel, Tigo launch cross-network money transfer service in TanzaniaBharti Airtel has announced the introduction of a service that will allow customers send and receive between Airtel’s mobile money service and that of Tigo in Tanzania. Read More
Airtel, VeriFone Mobile Money speed up merchant enablementBharti Airtel and VeriFone Mobile Money have reached an agreement to offer VeriFone Mobile Money’s merchant enablement applications for mobile Tap n Pay across Airtel’s 17 operating countries in Africa. Read More
Safaricom cuts fees on low and medium value M-PESA transfersSafaricom has announced a targeted reduction of transaction fees levied by the operator on its most popular person to person M-PESA transaction bands. Read More
Stakeholders meet over Ghana mobile moneyStakeholders from Ghana’s financial and telecoms industry have held talks at an MTN Stakeholders Forum in Accra to discuss the way forward in the quest to make Ghana a cashless society. Read More
Village saving associations get mobile money productAirtel Uganda, Grameen Foundation and Plan Uganda have introduced a new Group Savings product for Village Savings and Loan Associations. Read More
FEATURED STORYSafaricom-Equity battle for mobile banking hots up
Equity bank's entry to the mobile banking and telephony industry is still hanging in the balance with London-based global association of mobile operators (GSMA) calling for independent audit.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.