Orange, in a press release, has announced its partnership with Ecobank Plc for money transfer service between Orange Money subscribers who also have have accounts with Ecobank.
This partnership hopes to enhance money transfers for customers of both companies by helping them to top up their Orange Money e-wallet from their bank account and vice versa. It also allows customers to link a bank account with his or her Orange Money account and facilitates exchanges between persons with a bank account and those without. Ecobank customers also have the ability to view their account balance and obtain mini-statements by SMS via the platform.
The money transfer service is already operational in Mali. Other African countries such as Cameroon, Côte d’Ivoire, Guinea Conakry, Niger, Senegal and the Democratic Republic of the Congo will become operational during the first half of 2015.
The service will enable customers to use their mobile phones to transfer money securely at any time without the need to go to a distribution point or have physical cash. This comes as part of a mutual strategy to enhance mobile financial services and increase access to banking needs across Africa. The service was launched after the signing of a memorandum of understanding.
“This partnership between Orange and Ecobank will further enrich customer experience. 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,” said Laurent Paillassot, Deputy Chief Executive Officer of Orange in charge of Customer Experience and Mobile Banking.
Patrick Akinwuntan, Ecobank’s Group Executive in charge of Domestic Banking also stated, “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.”
Clients of Ecobank Plc and Orange will no doubt enjoy this fidelity when fully implemented in the other African states.