Top Stories
Orange Ivory Coast

Orange rolls out mobile banking service in Ivory Coast

The launch will help the company’s digital lending business grow

Orange Telecommunications has forayed into the African marketplace as it launches mobile banking services in Ivory Coast. The latest development for the France-based company marks a significant move as its business is already running strong in France and Spain.

Paul de Leusse, Orange’s deputy chief executive, told the media, “Strong uptake of banking services is expected in Ivory Coast, where millions of customers already use Orange’s mobile money transfer services.”

It is reported that the company’s goal is to provide the digital lending facility to 10 million customers in Ivory Coast and after that expand the business in countries such as Mali, Senegal, and Burkina Faso in 2021.

The new development will help farmers, young people, and entrepreneurs to get small-scale loans. The loans start from $8.88. The company will collaborate with NSIA, a West African bank Group for the development.

Orange Telecommunications started its digital banking journey in 2017. It aimed to get an edge over other rivals by rolling out the standalone lender business.

Mr Leusse believes that the company will make more profit than in France. According to Orange Telecommunications, the growth is happening in the European region but the profits are less. The way that the company operates digital platforms and the speed of the loan approving systems are far better than traditional lenders in the market today.

In Africa, there are many Orange clients which indicate that it is a major hotbed for the company to expand its business. Currently, Africa has 50 million Orange Money mobile transfer service users across 15 countries.


Related posts

More misery for crypto sector as troubled Silvergate announces business closure

GBO Correspondent

World Bank predicts slowdown for GCC, Oman emerges as the bright spot

GBO Correspondent

ESR and partners form $1 bn JV to invest in South Korea logistics assets

GBO Correspondent