Orange, in collaboration with pan-African banking group Ecobank have rolled out a money transfer service that allows Orange Money subscribers who have bank accounts with Ecobank to transfer money between their respective accounts.
The service has already been launched in Mali and will be rolled-out in several other African countries, including Cameroon, Côte d’Ivoire, Guinea Conakry, Niger, Senegal and the Democratic Republic of the Congo, during the first half of 2015.
Customers can use the service by topping up their Orange Money e-wallet from their bank account, and vice versa. They can use their mobile phones to securely transfer money at any time without the need to go to a distribution point or to have physical cash.
The partnership is hailed as a welcome move in advancing mobile financial services across Africa.
With Orange Money, customers can transfer money from their mobile phones to any other customer in the country and, in some countries, internationally. They can also pay their water, electricity and television bills and top up their telephone airtime remotely. Depending on the country, they may also benefit from savings and insurance solutions.
Ecobank customers can also view bank account balance and obtain mini-statements by SMS via the service.
Laurent Paillassot, deputy chief executive officer of Orange in charge of Customer Experience and Mobile Banking, said, “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.”
Ecobank, with its pan-African footprint, is confident that it can develop the market for cross-border mobile financial services in Africa.