(Ecofin Agency) - Ten months after it started operations in Côte d'Ivoire, Orange Bank has already granted a total of CFA45 billion ($82.2 million) in loans.
Orange Bank offers two services. The Tik Tak loan starting at CFA5,000 which is available 24/7. Tik Tak savings start at CFA1 and are remunerated at an annual rate of 3.5% excluding tax, up to a limit of CFA10 million, and the interest is paid each month into the customer's account.
According to Orange Côte d'Ivoire, Orange Bank already has nearly 600 customers. "Orange Bank Africa has a local branch at its headquarters in Abidjan Marcory, Lumière street, Baïni building, a point of reference for customers who need personalized support in opening a traditional bank account, for individuals and businesses," the telecom company said.
Orange Bank was launched in Côte d'Ivoire on July 23, 2020, in partnership with NSIA Banque. The West African country was chosen as a testing ground for this new service given the dynamism recorded by Orange in the mobile money segment, explained Patrick Roussel, head of mobile financial services for Orange's Africa and Middle East zone. The opening of an Orange Bank account (entirely free of charge and based on the presentation of a valid ID registered at the time of the SIM Card identification at Orange) allows banked and unbanked customers to benefit from banking services through the Orange Money menu.
With the growing success of Orange Bank in Côte d'Ivoire, Orange is already preparing to introduce the service in other promising markets in the region. These include Senegal, Mali, and Burkina Faso, for which applications for authorization have been submitted to BCEAO. The crucial role that mobile and digital financial services have played in the fight against Covid-19 could help accelerate the expansion of the service in the sub-region.