Orange reinvents money in Africa via Mobile

Orange reinvents money in Africa via Mobile

Orange Money Mali

Orange launches the first mobile to mobile transfers in Africa. It will be available in three countries : Mali, Senegal and Côte d’Ivoire. The service, called Orange Money Transfer International (OMTI) will allow users to transfer money simply from mobile to mobile.

Every year, about 200 million Euros are transferred between the three countries. According to Orange, there is an urgent need for a more convenient and secure transfer service in the area.

Sending money through OMTI is done simply while dialing a USSD code on a mobile and then entering the mobile phone number of the recipient and the amount to be sent. The target account is then credited, and its owner can transfer it, make purchases or withdraw it at any Orange Money distributor. No cash or credit card is carried at any time during the transfer. The need for a third-party is also eliminated, and the process is made simpler than the traditional money transfer, said to be inconvenient because of bureaucratic procedures. The opening of an Orange Money account is free of charge.

orange-money“In launching Orange Money International Transfer today, several months of work to simplify life for our customers come to fruition. We are proud to be the first operator to offer customers the ability to make international money transfers between mobile phones in this area of Western Africa,”

-Thierry Millet, Director of the strategic NFC and payment program at Orange.

Orange announced in May that its revenue on the continent increased by 3.3 percent. The company aims at expanding the service to each of the 13 countries in which Orange Money is present, representing more than 7 million customers. Eight of these share the same currency, the CFA Franc, and since there is no need to be an Orange customer, it is potentially interesting for a population of over 40 million.