FinTech

Orange Money Applies for Banking License in West Africa

 

To consolidate on its achievements as the leading provider of financial services in the French speaking West African countries, Orange Group has applied for a banking license from the Central Bank of West African States (BCEAO).

BCEAO is the common issuing institution of the member states of the West African Monetary Union (WAMU).

Founded on May 12, 1962, WAMU membership comprised the Republics of Côte d’Ivoire, Dahomey, Mali, Niger, Mauritania, Senegal, Togo and Upper Volta.

Currently, there are eight member states including Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo.

To centralize the cash reserves of WAMU, the mandates of the Central Bank are to issue currency, to manage monetary policy, to organize and monitor banking activities and to provide assistance for the Union member states.

Alban Luherne, Orange Money Director for Orange Africa & Middle-East disclosed that, “We asked in July for a banking license to the regulator of the countries of western Africa,  Central Bank of West African States (BCEAO) and are waiting for their answers.”

With 40 million customers and operations in 17 African countries, reaching €26 billion in transactions in 2017, Orange Money is now one of Orange Group’s leading growth drivers and continues to evolve to better serve people, companies, institutions and governments.

To deepen its offerings, Orange Money launched saving solutions in Mali and Madagascar.  Luherne explained that in Mali, Orange offers customers savings and insurance solutions via Sini Tonon.

The service requires nothing more than a mobile phone to access and is available throughout Mali. Sini Tonon is a savings account that entitles savers to free insurance cover. This service provides women in particular with financial assistance in the event of hardship.

“We have 10000 suscribers to Sini Tonon. We distribute pico-credit and savings services in Mali and Madagascar, offered by our partner PAMF. Those services have been launched in April (Madagascar) and in June (Mali). The first results are encouraging us to launch such services in other countries in the next few months,” Luherne further explained.

The company recently celebrates 10 years of providing financial services in Africa.