Orange Accelerates Mobile Financial Services in Africa with New Compliance Centre

8 September 2016
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Orange Accelerates Mobile Financial Services in Africa with New Compliance Centre Image Credit: Orange

With the recent receipt of Electronic Money Establishment licenses (EME) in four countries - Senegal, Mali, Côte d’Ivoire and Guinea, Orange has further strengthened its position as a major player in the mobile financial services segment in Africa.

The EMEs have responsibility for the issuance, management and distribution of electronic money for Orange, as well as managing compliance.

To support the latest development, Orange has created a new organization, CECOM, which provides mutualized risk and compliance management for its mobile money activities in these countries. The creation of the CECOM in Côte d’Ivoire to deploy a mutualized policy for managing risk and conformity issues is an important milestone which demonstrates Orange's maturity in this segment, said the Operator. 

Orange Money’s global operations now represent major stakes in a growing number of countries. In Côte d’Ivoire, Orange Money amounts to as much as 10% of the operator’s revenues.

Marc Rennard, Deputy Chief Executive Officer in charge of Customer Experience and Mobile Financial Services
With this new milestone, mobile financial services become an integral part of Orange’s DNA. The licenses received from the Central Banks together with our investment in the CECOM are testimony to our commitment to this diversification, which will benefit our customers who use Orange Money services several million times each day.

Bruno Mettling, Deputy Chief Executive Officer of the Orange Group and CEO of Orange Middle East and Africa
By securing EME status, we are able to further develop the Orange Money business, which lies at the heart of our mission of being the strategic partner for the digital transformation in Africa and the Middle East, with the objective of generating more than 200 million euros by 2018.

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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