Orange launches mobile money transfers for Ecobank customers
Accountholders can use their mobile phones to transfer funds at any time without needing to go to a distribution point or have physical cash.
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, according to a press release. The service has already been launched in Mali and will be rolled out during the first half of 2015 in several other African countries, including Cameroon, Côte d'Ivoire, Guinea Conakry, Niger, Senegal, and the Democratic Republic of the Congo.
Orange said in the announcement that 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 phone to transfer money securely at any time without the need to go to a distribution point or to have physical cash, according to the announcement.
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, according to the announcement.
In sub-Saharan Africa, where less than 24 percent of the population has a bank account and more than 60 percent have a mobile phone, Orange Money offers mobile financial services that allow transactions to be made remotely and securely, avoiding the need to carry money around, the release said. With Orange Money, customers can transfer money from their mobile phone to any other customer in the country and, in some countries, internationally. They can also pay water, electricity and television bills and top up 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, according to the announcement. 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.
"This partnership between Orange and Ecobank will further enrich customer experience," said Laurent Paillassot, deputy chief executive officer of Orange in charge of customer experience and mobile banking. "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."
"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," said Patrick Akinwuntan, Ecobank group executive in charge of domestic banking. "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."