Orange Money service launches in Kenya
A new service that is the result of a partnership between mobile phone provider Orange and Equity Bank launched in Kenya.Orange Money enables Kenyans using the network to transfer funds and manage their bank accounts through their handset. The offering links the customer's account to their phone and lets them move money between banks and apply for loans.
It runs on Equity Bank's Easy 24-7 money transfer platform and has been billeed by both parties as "the most versatile service in the market so far". Chief Executive Officer of Orange Mickael Ghossein said it can be used by both individuals and businesses and added its functionality is set to be further improved in the coming months.
He explained the service has been introduced following extensive research to determine what Kenyans want from a mobile money service. "It provides customers with a convenient, secure, affordable, easy to use and direct access to their money," he was quoted by Business Daily as saying.
Safaricom, the Kenyan phone network that also offers mobile banking services, recently revealed it is to let some customers apply for short-term loans before the end of 2010, according to Bloomberg.