Orange has partnered with Equity Bank to offer customers a money transfer service called “Orange Money”.
Pitting it as the most versatile service in the market so far, Orange says that their “Orange Money” combines the features of mobile money transfer products and mobile banking.
The product is not new as it will be powered by Equity Bank’s mobile money transfer platform- Easy 24-7, following the signing of a strategic partnership between the two. Though its very hard to predict how the clients will pick on the product considering the fact that the same service has been a great failure with the Equity Bank.
The service is mapped onto the customers’ bank accounts, making it possible for the customers to literally run their accounts from their mobile handsets, with the accounts security aligned to that of the bank. This will facilitate interbank transfers and apply for loans using the service, for Orange Money customers.
Orange and Equity Bank also announced the launch of the 1st co – branded debit card linked to a money transfer service “the Orange Money Debit Card”. This will allow customers to access their money 24 hours a day 7 days a week anywhere in Kenya through the ATM network of Equity Bank. Orange expect their Money service to become the single enabler for all utility payments and for purchase of goods and services across the country.
Orange Money will allow customers to send money to any mobile network; the convenience and reliability of the phonebook look up when transferring money and allow multiple transactions per day with an initial limit of Shs. 100,000. Additionally, customers will also use the service to pay their utility bills.
Orange said it have paid particular attention to introducing a user-friendly interface, reliable and convenient service- at an affordable cost.
Ghossein said the service is suited for organizations and individuals alike, saying it could be an alternative to make it easier for employers to pay salaries. He said in the coming months they will also scale the service up by adding to its functionality.
Through a strategic partnership with Orange at the Group Level, Equity Bank CEO Dr. James Mwangi says Orange Money will soon be introduced into the Ugandan market, where both France Telecom and the bank have a foothold in line with the Group’s strategy to launch the Orange Money service in several markets within Africa.
Orange Money has been introduced in five African countries; Ivory Coast, Senegal, Mali, Niger and Madagascar- and plans to introduce it in other countries are already at an advanced stage.