French multinational telecommunications corporation, Orange SA, has launched a new 100% mobile banking service in France. Called Orange Bank, the new service allows users make payments with their mobile, send money via SMS, check their bank account balance, and more all from their mobile phone.
We have seen similar services launched on mobile networks in Kenya, Nigeria and elsewhere. This is the first time such a service is available in France. Orange says that the new service was designed ground up for use on a mobile phone, so that customers can carry out all operations from a mobile phone. This includes account opening, transfers, and interaction with customer service.
All banking transactions can be done via SMS or via mobile app.
How Orange Bank Happened
Orange Bank came into being after a majority stake acquisition in Groupama Banque and a subsequent re-branding. The Orange Group is leveraging on its experience running Orange Money and Orange Cash. The former has 34 million customers in the Africa and Middle East, while Orange Cash has 500,000 users in France.
Orange Bank is reported to also be working on insurance products and loans. The new service will be launched in Spain and Belgium as well.