Lendtech

Orange to Deploy Savings & Loans Services in West Africa in 2020

Orange Group has said it will deploy a savings and loans offer in year 2020 in the French-speaking West African countries. A banking licence to enable this has been obtained from the Central Bank of West African states.

The services would be launched under the Orange Bank brand.

Launched in November 2017, Orange Bank, a subsidiary of the French telco, has developed several new services and has recently introduced personal loans services, which are offered to Orange mobile customers who are buying a smartphone and other devices.

Following its launch two years ago, Orange Bank now has more than 500,000 customers with 20,000 new customers signing up every month for its services.

Apart from the volumes, the success is down to added value ¼ of customers are acquired through loans, a major difference with other online banks and ¾ through bank accounts, which enjoy a high level of activity as 54% of these customers carry out an average of more than one transaction per week.

On the average, 10% of accounts are now being opened with the Visa Premium card.

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In October, Orange Bank launched the financing of mobile devices and other purchases in Orange stores. Orange Bank has also signed a partnership agreement with the real estate services platform, Nexity to propose a home loans offer. Google Pay will soon be available for customers with Android phones.

Orange Bank is also present in Spain and will open up its digital banking offering to the public with a bank account, a MasterCard card, Apple Pay and innovative functionalities for sharing with family and friends.

In Romania, Orange launched a debit card offer in early 2019 which is currently winning over 7,000 new customers every month.