Orange launches digital banking in Ivory Coast

Orange, a French telecommunications provider, is launching its mobile banking operations on the Ivory Coast, making it the third country after France and Spain to accept Orange's digital lending capabilities.

Orange's mobile money transfer services, Orange Money, is already in use in Africa by 50 million customers across approximately 15 African countries. The impact of Orange Money on the global market is why, in 2017, the company decided to diversify into digital banking.

The company's goal is to sign up 10 million Ivory Coast customers in the next five years and then expand into the West African countries of Senegal, Mali, Burkina and Faso, according to a report in Reuters. Orange is partnering with the West African bank Groupe NSIA for the project.

Banking operations on the Ivory Coast will focus on small-scale lending to entrepreneurs, farmers and young professionals or couples, with loans starting at 5,000 CFA francs (US $8.88). The company's ability to manage digital platforms and approve loans within seconds for small credits, gives Orange an edge over traditional lenders.

Although the company has showed strong growth within Europe, it has still failed to produce a profit.

«We think that profitability will be achieved ... more quickly than in France,» Paul de Leusse, Orange CEO, told Reuters.

Source: ATM Marketplace