Orange Botswana has launched Orange Money, the first widely mobile money solution, which is an affordable electronic means of payment based on a mobile phone. The product allows orange customers carry out bill payments, domestic person-to- person money transfer, cash in and out, and airtime top up. ┬á
Orange Botswana Chief Executive Officer, Elisabeth Medou-Badang said at the launch on Monday the accelerated growth is due partly to customer demand. She said the launch is a result of fruitful partnerships with Standard Chartered Bank and also collaboration with the Bank of Botswana.
“We are bringing Botswana into the mobile money world and a truly global and growing world,” said Meduo-Badang.
The product is touted as presenting the deep ongoing convergence between telecommunications and financial services.
She said mobile payment services have the potential to bring cost-effective and secure access to banking services to the people with low-incomes, people who often live in remote areas.
About 2 million customers across Africa are using the service. The product is already used in Senegal, Cote d’voire, Mali, Niger, Madagascar and Kenya.
“We want to make our customers’ lives easier with this affordable new service which represents a paradigm shift in the role of mobile phones in people’s lives,” said Medou-Badang.
Orange Money Product Technician, Moussa Dao said the service is accessible to anyone with any Orange customer prepaid account so long as they are above the age of 18.
The product does not require the customer to have a bank account. He said the system was developed by the Orange Group and conforms to the worldwide security standards and protocols. Orange says the system has undergone thorough risk analysis and audits by external parties to ensure that the security meets international mobile banking norms.
“This has strict policies on anti-money laundering and all transactions are pin- protected,” said Dao.
He stated that the Botswana Telecommunication Authority (BTA) and Bank of Botswana (BoB) are the financial and telecommunication regulars of the products.┬á He said Orange Money is available nationwide currently through more than 166 outlets made up of four major partners and Orange shops. He said the services are available by Botswana Post Offices, Softcell, Podder Investments and Tekcell.
“Botswana has a strong cash-handling culture and long queues at the month end and our new products and services have to meet customer needs,” said Dao.