By Andrei Skvarsky.
Orange SA, a multinational telecommunications operator, has obtained licences to provide more extensive mobile financial services in Senegal, Mali, Ivory Coast and Guinea.
The licences allow the Paris-headquartered company to set up a subsidiary, “electronic money establishment” (EME), in each of the four African countries, to ensure the issuance, management and distribution of electronic money and to manage the compliance policy for the group on the ground, according to Dakar-based newswire service APO.
Orange Money, the group’s mobile money service, has the objective of generating more than 200m euros in Africa and the Middle East by 2018, according to Bruno Mettling, chief executive of Orange Middle East and Africa.
Orange SA has set up an organisation to provide mutualised risk management for the EME’s. The organisation, the Orange Money Compliance Expertise Centre (CECOM), will be based in Abidjan, Ivory coast.