Orange Morocco, one of three licensed telecommunications operators in Northern part of Africa, Morocco just made known the launch of its new product Orange Money in the kingdom of Morocco. This was launched after securing approval from the Bank Al-Maghrib, the country’s central bank.
This makes Morocco to become the 18th country within the MEA (Middle East and African) region to provide solutions and a way natives can make mobile payments and transfer money through the use of their phones.
This product will enable mobile users to make use of a mobile wallet which will be backed by their phone number irrespective of their choice of telecommunication network. In a statement released by the firm, orange money is said to revolutionize Africa’s economy as it will allow mobile phone users to carry out financial transactions, pay remotely for phone recharges and withdraw money from their Orange Money wallets at any point of sale approved by Orange Money Morocco.
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It also adds that “Non-Orange customers can take advantage of the service by downloading the mobile application”. They further explained, “A key driver in the continent’s economic growth, Orange Money is a real vehicle for increasing the financial inclusion of populations and the digitalization of the continent.”
Global money transfer company World Remit in a statement released in February 2020 said there are over 122million users of mobile money services in Africa. Commenting further in their commitment towards mobile money, Orange states: “Orange’s ambition is to make mobile money an essential means of payment and to become a leading player in mobile financial services in Africa and the Middle East including savings, credit, and insurance in strict accordance with the banking regulations of the countries where it operates.”
Since launching in 2008, Orange Money has had 45 million customers use its service with the number of transactions carried out over the service to be at £2.6 billion in 2019.
