E-Financial
Orange Launches Mobile Money Transfers for Ecobank Customers
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. 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,” said Patrick Akinwuntan, Ecobank group executive in charge of domestic banking. “
Titan Trust Bank has selected Oracle FSS for its core and digital banking technology, it is understood.
The start-up bank recently obtained its license by the Central Bank of Nigeria (CBN).
It’s understood that Temenos and Infosys also competed for the deal.
The shortlist came down to the two most widely installed international core systems in Nigeria, Infosys’ Finacle and Oracle FSS’s Flexcube.
The Nigerian banking sector has seen a great deal of upheaval over the years, with many mergers, start-ups and closures. Flexcube is a well respected name since the late 1990s (the pioneer was Access Bank, now one of the country’s top five banks) and has been a commonly selected platform since then.
The new bank is believed to be one of five to have gained regulatory approval of late (Globus Bank is another).
Local media sources say the new licences stem from the Central Bank’s desire to attract new investments into the sector and better serve the country’s 50 million+ unbanked and under-banked citizens.
Titan Bank is said to be headed by a former executive director of Heritage Bank (which is a Finacle user).
Oracle FSS did not respond to request for comment.
International Monetary Fund (IMF), has appointed Tony Elumelu, Nigerian billionaire and group chairman of Heirs Holdings, owners of United Bank of Africa, to its advisory council on entrepreneurship and growth, convened by Kristalina Georgieva, the fund managing director.
The announcement was disclosed in a statement on Friday.
According to the statement, the IMF advisory council comprises global business leaders, policymakers, and academics dedicated to identifying and addressing regulatory barriers to entrepreneurship.
The IMF said Elumelu will be instrumental in ensuring that Africa’s entrepreneurship is central in policy making.
“Elumelu, Africa’s leading advocate of entrepreneurship and whose Foundation has funded, mentored, and trained over 25,000 African entrepreneurs since 2015, champions entrepreneurship as the engine for the economic transformation of Africa,” the statement reads.
“A self-made entrepreneur, Elumelu’s embracing of entrepreneurship is fundamental to his concept of Africapitalism, his belief that Africa’s private sector can and must play a leading role in the continent’s development, making long-term investments that deliver social and economic value.
“Elumelu will be instrumental in ensuring that Africa’s entrepreneurial potential is central to global economic policy making.”
Speaking at the inaugural meeting of the advisory council on March 26, Georgieva said the appointees would share their experiences on how macroeconomic and financial policies “can provide a supportive environment for innovation, entrepreneurship, and productivity — key ingredients for a thriving private sector and strong economic growth”.
Africa’s Micro, Small, and Medium Enterprises, fintech industry, scaling remittances, and cross-border payments will be the driving forces behind the continent’s digital ballooning payments system, which is estimated to reach $1.5 trillion by 2030.
This is according to a MasterCard-commissioned study by Genesis Analytics, which states that the digital payments economy is growing faster on the continent.
This comes as the World Bank says Sub-Saharan Africa has shown significant growth in financial inclusion over the past decade, much of it driven by mobile money account adoption.
Dimitrios Dosis, president, Eastern Europe, Middle East and Africa at MasterCard, comments: “Africa is filled with immense possibilities, and its people have the potential to shape the global economy in the decades ahead.
“MasterCard remains deeply committed to driving digital transformation across the continent, working closely with entrepreneurs, merchants, banks, start-ups, telcos, and governments. By increasing our investments, expanding innovation, and fostering inclusion, we are helping build a more connected and accessible digital future.”
The payment technology company went on to say as a longstanding technology partner to Africa, its continues to strengthen its commitment to the continent’s digital growth through strategic investments, public-private partnerships, and innovation initiatives that drive financial health and economic growth.
In addition, it says trends in Africa signal a strong shift towards digital transactions, with businesses and consumers increasingly embracing contactless solutions, further accelerating economic participation and financial accessibility across the region.
“For over five decades, MasterCard has worked alongside African governments, businesses, and communities to advance financial inclusion and economic development.
“With Africa projected to host nine of the world’s 20 fastest-growing economies, we are focused on leveraging our expertise and a technology to support the continent’s continued digital transformation.
“Our investments today will help build a more resilient economy for the future,” says Mark Elliott, division president, Africa, MasterCard
By fostering collaboration with key stakeholders, MasterCard says it aims to enhance digital connectivity, expand economic opportunities, and enable millions of people and businesses to thrive in the digital economy.
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