Orange Money reaches 3 million
VALUE ADDED SERVICESBy BiztechAfrica - 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
MTN partners Salt & Einstein MTS, NHIS on insuranceMTN Nigeria says it has partnered Salt & Einstein MTS and the National Health Insurance Scheme (NIHS) to help push health insurance to many people in the country leveraging on its wider reach. Read More
Free Twitter on EconetEconet Wireless is now offering free access to Twitter to all subscribers on Econet Broadband. Read More
Gemalto, GSMA drive African mHealth initiativeGemalto has announced its partnership with (global System for Mobile Communication Association (GSMA1) to drive the pan-African mHealth Initiative (PAMI). Read More
Has Africa slowed in global mobile payments innovation?wiGroup says Africa has lost ground to the US and China in the mobile payments innovation race. Read More
New mobile payment system goes live in SAMobile payment system Zapper has launched its innovative and secure payment app for smartphones in South Africa. Read More
Mobile banking numbers to pass online banking by 2019New findings from Juniper Research finds that over 1.75 billion mobile phone users will have used their devices for banking purposes by the end of 2019, compared to 800 million this year. Read More
Remita’s e-transactions hit N500bnNigerian electronic payment platform Remita says it is driving cashless initiatives, and currently processes electronic transactions valued at N500billion monthly. Read More
Nigeria’s cashless campaign goes nationwideIn spite of obvious hiccups, the cashless initiative of the Central Bank of Nigeria (CBN) goes live in the 36 states of the federation and Abuja, the Federal Capital Territory (FCT) today. Read More
More than 2.5m Rwandans now using mobile paymentsThe number of mobile payments subscribers in Rwanda has reached more than 2.5 million, according to figures in the recently-published Rwandan ICT Sector Profile. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
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.
COMPANY NEWSHow the cloud can power entrepreneurship and urbanisation in Africa
Cloud computing is not only fundamentally changing the way business operates, it is also driving a new wave of job creation opportunities, says SAP Africa.