Orange Money, a mobile money solution from an international telecommunications company of the same name, is celebrating its 10th anniversary.
Launched in 2008, the service currently has 40 million customers and is available in 17 countries, reaching €26 billion in transactions in 2017. The Telco now plans to expand even further.
The announcement comes at a time when Orange Money is currently one of the Group’s leading growth drivers and continues to evolve to better serve people, companies, institutions and governments.
Orange Money was initially launched in Côte d’Ivoire in 2008. The success of the money transfer and mobile payment solution for unbanked or relatively unbanked populations is based on the accessible, universal nature of the service, which makes it possible for millions of people to perform instant, secure and reliable financial transactions using their mobile phone.
The service is currently available in 17 African countries and has 40 million customers, 13 million of whom use it every month. Orange Money’s accelerating growth and sales which rose 60% from 2016 to 2017 have made it one of the Group’s top growth drivers in Africa, particularly in Côte d’Ivoire, Mali, Burkina Faso, Senegal and Cameroon. In some countries, the service gives close to 50% of users access to banking services in areas with low levels of bank usage.
Electronic money has also made it possible to facilitate exchanges and secure transactions and is now a major advantage not only for individuals but also for major companies and SMEs.
In order to meet the compliance regulations that govern mobile money activities, Orange has created financial establishments with Central Bank approval in seven African countries, as well as a shared supervision and compliance control structure, CECOM, based in Abidjan. These structures guarantee transactions and facilitate dialogue directly with authorities, thereby simplifying the market launch of new services.
The goal is to make Orange Money accessible for as many people as possible, in strict compliance with regulations set out of the Central Banks in the countries and currency zones where Orange operates.
“Orange Money makes real contributions to economic and social development in Africa and is a part of our strategy as a multiservice operator and digital transformation partner in Africa and the Middle East. Orange Money’s success is first and foremost a joint achievement, and I would like to thank all of the teams who work hard every day to ensure its success, which now represents a major share of OMEA turnover,” said Alioune Ndiaye, CEO of Orange Middle East and Africa (OMEA).
“Orange Money’s success is based on its usefulness, its ease of use, and its full integration with Orange’s services,” Paul de Leusse, Orange Group Deputy CEO for Mobile Financial Services, commented.
“Orange Money represents the future of Orange’s mobile financial services in all our countries, especially in Europe,” he concluded.