Orange, a French provider of telephone and Internet service in 30 countries, and EcoBank Transnational Incorporated (EcoBank), a Togo-based bank operating in 28 countries, recently launched a mobile banking service that will enable Orange Money subscribers to transfer money between Ecobank accounts. As of February 5, both companies signed a partnership agreement to launch the service in Mali, and they plan to expand to Cameroon, Côte d’Ivoire, Guinea Conakry, Niger, Senegal and the Democratic Republic of the Congo in the future. Customers also will be able to check their account balances, receive “mini-statements” via short message service (SMS, also known as text messaging) and top-up their Orange Money e-wallets [1].
Patrick Akinwuntan, Ecobank’s Group Executive in charge of Domestic Banking, said, “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.” [1]
As of March 31, 2014, Orange’s customer base included approximately 239 million customers, including approximately 100 million in Africa. As of year-end 2013, Ecobank reported USD 22.5 billion in assets, USD 2.1 billion in total equity, return on equity of 6.9 percent, return on assets of 0.73 percent, 10.4 million customers and 1,284 branches in 28 countries.
By Julia Marín, Research Associate
About Orange S.A
Orange S.A., is based in France and offers fixed telephony, mobile telephony and internet services in 30 countries. The company was created in the early 1990s, when Hutchinson Telecom acquired a controlling stake in Microtel Communications Limited and reorganized it under a new brand name “Orange”. In 1999, Orange became a subsidiary of Mannesmann, and in 2000 it was acquired by France Télécom. As of March 31, 2014, Orange’s customer base included approximately 239 million customers, including approximately 100 million in Africa. The firm’s consolidated revenues reached EUR 41 billion (USD 55.7 billion) in 2014.
About EcoBank
Incorporated in 1985, Ecobank offers wholesale, retail, investment and transaction banking services and products. As of year-end 2013, Ecobank reported USD 22.5 billion in assets, USD 2.1 billion in total equity, return on equity of 6.9 percent, return on assets of 0.73 percent, 10.4 million customers and 1,284 branches in 28 countries. EcoBank has approximately 2,500 automated teller machines (ATMs) and 10,000 point-of-sale (PoS) terminals.
Sources and Additional Resources
[1] Information provided by African Press Organization (APO) on behalf of Orange to MicroCapital, February 2015
MicroCapital, October 30, 2014, Technology Provider Orange Offering $80k Via 2014 African Social Venture Prizes, Partner Award
MicroCapital, July 1, 2014, Togo-based EcoBank to Accept MasterCard Debit, Credit, Prepaid Cards via 2,500 ATMs, 10,000 Points of Sale in 28 African Countries
MicroCapital, May 31, 2014, BNP Paribas, Orange to Allow Money Transfers Between Bank Accounts, Mobile Money Accounts in Cote D’Ivoire
MicroCapital Universe Profile: Orange S.A
MicroCapital Universe Profile: Ecobank
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