Monday, January 24, 2022

Mohohlo sees Orange innovations serving unbanked population

The Orange Money Visa Service, which includes a Visa Debit Card, has been designed to serve the needs of the unbanked and under-banked segments of the population.

Bank of Botswana Governor, Linah Mohohlo has credited the service that it has the potential to improve the delivery of appropriate and affordable banking services, as well as to enhance payment transactions and, in so doing, contribute to poverty reduction and ultimately to prosperity.

Mohohlo pointed during the launch of Orange Money Visa Service that, financial inclusion provides an opportunity for the unbanked and financially under-served members of the community. She added that they are able to participate in the formal financial system, thereby opening avenues for entering the economic mainstream. 

“The realisation of the product is also testimony to what can be achieved through joint effort in promoting financial sector development,” said the Governor.

She stated that financial inclusion of the poor has become an important component of public policymaking.  Mohohlo said that Central banks and other regulators worldwide are taking the lead in making financial inclusion a priority.

“As developing countries move towards middle-income status, financial inclusion can only be an imperative undertaking,” she stated.

Mohohlo noted that the product is an important addition to already commonly used electronic-based financial transaction tools. She also pointed out that the tools also re-enforce the electronic transfer infrastructure, which facilitates the off-setting of payments, in real time, between different parties at the Bank of Botswana and the Botswana Electronic Clearing House.  

“The use of these technologies has improved the efficiency, speed, safety and security of the payments system in Botswana,” she said.

Orange Botswana Chief Executive Officer (CEO) Elisabeth Medou-Badang pointed out that the relentless rise in the number of connected devices and the growth in data enabled mobile phone are driving higher volumes of data traffic.  She said a revolution in usage is further catapulted by the emergence of new digital applications. 

Medou-Badang pointed out that providing access, be it coverage or affordability, remains a priority; but it is no longer only about people communicating.

“Our latest innovation, Orange Money Visa service, is a world first and a breakthrough innovation which goes a step further in the financial inclusion,” said Medou-Badang.
 
She stated that with about 50 percent of unbanked Batswana, now Orange Money customers can get a debit card that allows ATM withdrawals from the over 300 VISA ATMs in Botswana and purchases at over 4,700 VISA point of sale machines.

“Even better, Orange Money customers can now also get a Virtual Visa card that enables them to securely buy online,” she stated.

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