France-based telecommunications firm Orange recently partnered with NSIA Group, a company in Côte d’Ivoire that specializes in bancassurance, to launch Orange Bank Africa from the city of Abidjan. Orange Bank Africa provides both microcredit and savings services through mobile phones through the Orange Money service. The minimal loan dimensions is XOF 5,000 (USD 9), as well as the minimum deposit trade is XOF 1,000 (USD two ). Savings accounts around XOF 10 million (USD 18,000) make an annualized interest of 3. )5 percent. Later on, Orange Bank Africa intends to expand its operations to Burkina Faso, Mali and Senegal.
Orange CEO Stephane Richard asserts, “New technology is needed to strengthen financial inclusion and support economic development, as proven by mobile money over the past few years. Banking is a new area of business for Orange in Africa. It falls squarely in line with our strategy as a multi-service operator and our desire to drive the digital transformation forward in Africa.”
Launched in 2015, NSIA Group is active in banking, insurance, finance, engineering and property. Its objective is to “become the pioneer from bancassurance in the CIMA [Conférence Interafricaine des Marchés d’Assurances] zone by growing retail banking and by establishing observation of their ecological and social effect of projects funded or guaranteed.” Besides France, NSIA Group works in 12 states in West and Central Africa. As of 2017, the team reported that a cumulative turnover of XOF 209 billion (USD 374 million). More recent fiscal information on the company aren’t offered.
Orange is a telecommunications firm founded in France in 1988. The company needed 2019 functioning cash stream of EUR 5.57 billion (USD 6.53 billion). At the identical year, the firm had 147,000 employees serving 266 million clients in 26 countries Africa, Europe and the Middle East.
From Jessica McLeod, Research Associate
Resources and Additional Resources
Orange press release
https://www.orange.com/ / en/Press-Room/press-releases/press-releases-2020/Orange-and-NSIA-launch-Orange-Bank-Africa-to-provide-greater-access-to-financial-services-and-improve-the-financial-inclusion-of-people-living-at-West-Africa
Orange Bank Africa in Côte d’Ivoire
NSIA Group homepage
Orange incorporated 2019 yearly report
https://rai2019.orange.com/ / wp-content/uploads/sites/38/2020/06/orange_rapportannuelintegre_2019_accessible_en.pdf
Past MicroCapital post on Orange
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