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
EFInA lifts Nigeria mobile banking with $1.5mEnhancing Financial Innovation & Access (EFInA) boosted the mobile money sector by splashing $1.5 million or about N421.5 million from its Innovation Grant on Diamond Bank’s Diamond Y’ello Account (DYA), a mobile banking platform which was built on MTN Xaas platform. Read More
KCB M-PESA loan disbursements cross KSh10B markRevolutionary mobile-based bank account KCB M-PESA has advanced KSh10.3 billion in loans to its customers since inception about two years ago, boosting access to credit in Kenya. Read More
Airtel Money, WAEC enable candidates to check their results onlineAirtel Money is enabling the purchase of the West African Examination Council (WAEC) results checker pins on its platform. Read More
Airtel Money Card is now back, with online paymentsAirtel Kenya has announced the return of its Airtel Money Card, enabling card holders the convenience of shopping, online payments and easy access to funds 24 hours a day. Read More
Daystar University pioneers smartphone-based degree programmesDaystar University has announced a strategic partnership with OneUni to launch Africa’s first smartphone-based degree programmes, the first of which is a Bachelor’s of Education for existing and aspiring teachers. Read More
MTN Ghana stimulates discussion on cashless societyAs part of its 2016 Mobile Money Month celebration in the country, MTN Ghana has revisited the discussion on a cashless society and the need for stakeholders to take a critical look at its benefits again. Read More
WorldRemit calls for urgent restoration of money transfers to NigeriaHundreds of global remittance companies have been forced to cease transfers to Nigeria, says WorldRemit. Read More
Mobile Money – the paradox of costly convenienceThe convenience of mobile money is being offset by the increased risk of fraud, report Kampala residents. Read More
Uber Kenya faces looming drivers’ strikeKenyan drivers for digital taxi service Uber have threatened to embark on a strike from today over fare price cuts. Read More
Uber offers cashless payments in Accra through SMSGHUber, the innovative app that connects riders with drivers, has revealed to Biztechafrica that it has partnered with SMSGH to provide mobile payments to the Greater Accra Metropolitan Area (GAMA). Read More
FEATURED STORYFinancial services sees AI as both opportunity and threat
Banking is already a key area where technology is having an impact throughout Africa, and a new survey assesses the impact artificial intelligence will have on this sector.
BEST READ NEWS
IN DEPTHAccess and Use of ICT stats released
Statistics Botswana has released the first results of the 2014 Information and Communication Technology Household Survey.
COMPANY NEWSTigo explores options to give customers a greater choice for 4G services in Ghana
Following her recent visit to Ghana, Cynthia Gordon, the CEO of Millicom Africa, has emphasized the remarkable growth opportunities in data and Tigo’s commitment to giving customers ...