French telecoms operator Orange and Bank of Africa (BOA) Group are extending their partnership to offer new mobile financial services in Africa.
Over the coming months, customers of BOA – which operates in 17 African countries – and Orange Money will be able to transfer money directly from their Orange Money account to their BOA account and vice versa via their mobile.
Orange customers will be able to carry out safe and real-time banking operations, to transfer money, pay for goods and services and purchase airtime credit without going to the bank or to the shop. The network of licensed Orange Money distributors will supplement BOA’s network of 450 branches, offering a maximum number of cash withdrawal points to customers of both companies.
The new service, designed for both individuals and professionals, has been available in Madagascar since August and will be extended to Côte d’Ivoire, Mali, Senegal, Niger and the Democratic Republic of the Congo in the coming months. BOA Madagascar is the first bank in sub-Saharan Africa to launch the service with Orange.
Orange added that the service was the first step in a range of innovative financial services to be developed by the two companies.
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Forecasts for 2016-2020 place Africa as the second fastest growing region in the world (at a compound annual growth rate (CAGR) of 4.3%), just below Emerging Asia.