Orange Morocco has announced the launch of Orange Money in the kingdom, having secured approval from the Bank Al Maghrib, the North African country’s central bank.
Morocco becomes the 18th country within the MEA region to offer the solution and means locals can make mobile payments and transfer money using their phones.
Orange’s value proposition includes that mobile users can make use of a mobile wallet backed by their phone number – irrespective of their telecom operator of choice.
According to a statement released by the French telecommunications firm, the solution allows mobile phone users to carry out financial transactions, pay for phone recharges remotely or withdraw money from their Orange Money wallets at points of sale approved by Orange Money Maroc.
“Non-Orange customers can take advantage of the service by downloading the mobile application,” the company adds.
Orange claims mobile money is revolutionising Africa’s economy.
“A key driver in the continent’s economic growth, Orange Money is a real vehicle for increasing the financial inclusion of populations and the digitalisation of the continent,” it says.
In February 2020 global money transfer company WorldRemit said there are over 122 million users of mobile money services in Africa.
Orange states: “Orange’s ambition is to make mobile money an essential means of payment and to become a leading player in mobile financial services in Africa and the Middle East including savings, credit and insurance in strict accordance with the banking regulations of the countries where it operates.”
Orange Money was launched in 2008 and according to the company, 45 million customers utilise the service with the amount of transactions carried out over the service pegged at €2.6-billion in 2019.