Orange and pan-African banking group Ecobank have rolled out a service that will enable Orange Money subscribers who also have bank accounts with Ecobank to transfer money between their respective accounts.
The service has already been launched in Mali and will be rolled-out in several other African countries, including Cameroon, Ivory Coast, Guinea Conakry, Niger, Senegal and the Democratic Republic of Congo, during the first half of 2015.
The partnership aims to facilitate money transfers for both Ecobank and Orange customers by offering them the possibility of topping up their Orange Money e-wallet from their bank account, and vice versa. Customers can use their mobile phones to securely transfer money at any time without the need to go to a distribution point or to have physical cash.
The two companies have launched the service following the signature of a memorandum of understanding. The partnership comes as part of a joint strategy to enhance mobile financial services and to increase access to banking services across Africa.
In sub-Saharan Africa, where over 60 percent have a mobile phone, Orange Money offers easy-to-use mobile financial services that allow transactions to be made remotely and securely, avoiding the need to carry money around. With Orange Money, customers can transfer money from their mobile phones to any other customer in the country and, in some countries, internationally. They can also pay their water, electricity and television bills and top up their telephone airtime remotely. Depending on the country, they may also benefit from savings and insurance solutions.
This type of partnership with banks allows a customer to link a bank account with his or her Orange Money account. Notably, it is a service that facilitates exchanges between persons with bank accounts and those without. Ecobank customers can also view bank account balance and obtain mini-statements by SMS via the service.
With more than 12 million customers and 4.5 billion euros exchanged in 13 countries in 2014, Orange Money has delivered considerable success.
Laurent Paillassot, Deputy Chief Executive Officer of Orange in charge of Customer Experience and Mobile Banking, said: “This partnership between Orange and Ecobank will further enrich customer experience. By facilitating exchanges between Ecobank and Orange Money accounts, our customers will be able to conduct financial transactions quickly and in complete security, bringing them the best of both worlds. We want to offer this service wherever it makes sense.”
Patrick Akinwuntan, Ecobank’s Group Executive in charge of Domestic Banking, said “This roll-out further demonstrates Ecobank’s commitment to make branchless banking a reality by activating multiple service channels in every country in which we operate. Our unique pan-African footprint also enables us to be at the forefront of efforts to develop the market for cross-border mobile financial services in Africa.”
- MasterCard and Ecobank partner to accelerate electronic payments adoption in 28 Sub-Saharan African countries
- France’s Orange acquires Liberia’s largest cell phone company Cellcom in Africa expansion move
- Orange buys Bharti Airtel operations in Burkina Faso and Sierra Leone
- The battle between Africa’s mobile phone companies and banks is a boon for financial inclusion
- The mobile economy – Africa 2016: GSMA (Infographics & Report)
- Compelling investment markets in Africa – Inside Riscura’s Bright Africa 2015 Report: Debbie O’Hanlon, Senior Analyst, RisCura (Infographics)
- Africa50 Infrastructure Fund raises $830M in first closing
- Real GDP Growth Rates (2007 – 2017) of Countries in Africa (Interactive Map & Chart)
- Prospects in Francophone Africa are bright: Kevin Murray, MD for West and Central Africa, Citi
- Africa’s richest man plans to almost double the continent’s cement production by 2020 (Infographic)
- Kenyan banks are closing in on what they think will be the perfect M-PESA disruptor (Infographic)
- Ecobank targets 700% customer growth from mobile banking
- Mobile money, mobile banking: Africa’s telecom firms are becoming rivals for banks (Video)
- Orange Strikes $160M Deal for Tigo DRC
- Smile Telecoms raises $365M from African investors to expand broadband coverage across the continent
- South Africa’s MTN bets on mobile banking with new CEO
- A few things we learned about tech hubs in Africa: GSMA (Infographic)
- Fact of the Day: Kenyan bank KCB disburses one loan every eight seconds
- Armed with fintech and fueled by data: Africa’s banker of tomorrow
- Mobile Money: The Battle for Africa
- Africa Report 2015 – Real Estate Markets in a Continent of Growth and Opportunity: Knight Frank (Infographics & Report)
- Orange Seeks Africa Deals as Wireless Carrier Eyes Expansion
- A New Map for Business in Africa
- Billionaire Aliko Dangote’s smooth landing
- Why you should take chances: Marek Zmyslowski, Managing Director of top African hotel booking website Jovago (Video)
- Fact of the Day: Africa is the #1 region in the world for mobile money transactions
- West African BVRM exchange’s revenue more than doubles in one year to $362M
- West African stock markets are planning to join forces (Video)
- Africa’s Prospects – Macro Environment, Business, Consumer and Retail Outlook Indicators (Infographics & Report): Nielsen
- Kenya’s KCB signs up 1.8 million mobile banking customers in 3 months
- London Stock Exchange eyes dual listings on West African capital markets
- The top 7 African countries for mobile money (Infographics)
- In South Africa and Nigeria, banks want to be phone companies. In Kenya, the phone company is already the bank
- 3 reasons things are looking up for African economies: McKinsey & World Economic Forum
- Vodafone M-PESA and MTN Mobile Money agree to interconnect mobile money services
- Multi-bank and multi-bank mobile money service HelloCash launches in Ethiopia
- MTN Nigeria to transfer up to 9,151 towers to IHS-MTN joint venture
- Equity Bank’s Equitel mobile money service targets 100 million African customers in 10 years
- Nigeria’s developing e-pay economy
- Online auto marketplace Carmudi broadens Africa footprint