Orange Bank wants to overhaul mobile money as we know it

Orange exits kenya

The advent of mobile money has had notable effects on the way we do mobile transactions especially here in Africa. It’s a public secret that there are more mobile money accounts than there are bank accounts. Surprisingly, telecoms that control mobile money are neither banks nor financial institutions except, they partner with banks and provide the technology over which we carry out mobile money transactions and with their arsenal of network infrastructure and subscribers, banks seem no match (for now at least). They also control the entire value chain that leaves traditional banks as mere accomplices than stakeholders. Orange bank wants to change the status quo (more on this later)

It would however surprise you that most of mobile money is liquidated instantly and most often is not kept on the mobile account thus services like Mokash, Wewole which act more like traditional banking accounts springing up to allow mobile money users retain money on their accounts. Now, Orange with its Orange bank seems to have overhauled what we know as mobile money to a fully fledged bank account, now with a debit card, overdraft protection and an interest-bearing savings account. A credit and insurance services are in the coming soon mode according to Techmoran.

Let’s say, Orange bank is more like mobile money owing to its mobile nature but on steroids. Orange Bank will gradually replace Orange money and it will allow for contactless mobile payments, sending of money over SMS, instant bank balances, a debit card and a 24/bank advisory service.

FROM OUR SPONSOR- Continue for more content

Orange bank users will be able to transact and check their transaction history on the go, online and it’s network of in walk in stores in its areas of operations that includes Europe and Africa. Every transaction over the service can be tracked in real-time but the mere sending and receiving of money over text messages plus the debit card option places it far ahead of mobile money.

In hindsight, mobile money transactions happen over a USSD interface. Savings often occur over a different service though still tied to mobile money but they’re protected by the central bank given the mobile money service is just an overlay of the actual bank account, which in this case is held by traditional bank.

Over to Orange bank, everything is under one roof where the Orange bank accounts acts as a one size fits all.