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(Agence Ecofin) – French operator Orange is preparing to form a partnership with Ivorian group Nouvelle Société Interafricaine d'Assurance (NSIA) to offer banking services in West Africa, the agency reported Bloomberg July 3, citing sources familiar with the matter
The agreement concluded between the two groups provides for the creation of a joint venture owned 75% by Orange and 25% by NSIA to provide retail banking, microcredit and insurance services, added from the same source.
This joint venture should be based on the assets of Diamond Bank SA, the French-speaking African subsidiary of Nigerian giant Diamond Bank resumed in November 2017, by the group NSIA.
Banking services will initially be offered in Côte d'Ivoire and Senegal, before expanding to other countries in the sub-region, where the Orange group is already present as Mali.
Orange and NSIA plan to submit an application for approval to the Central Bank of West African States (BCEAO) by the end of July.
Orange launched a bank offer at the end of 2017 called Orange Bank. This 100% online bank, which relies on the free and network of its subscribers to win, aims for a turnover of 400 million euros in 2018.
Read also:
05/04/2018 – After Madagascar, Orange announces Mali as the second pilot country for its new micro-credit service in Africa
21/04/2017 – The launch of Orange Bank is announced for early July
09/03/2017 – UBA and Orange unite to promote Mobile Money services on their common markets
09/05/2016 – The Ivorian government does not rule out introducing its minority shares in Orange CI on the BRVM
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