Africa’s mobile phone operators are ramping up plans to bring banking to millions
COVID-19 has been an unexpected catalyst, with some African governments releasing stimulus grants via mobile money platforms and central banks easing regulations, including limits on mobile transactions.
👉Orange ORAN.PA launched an entirely digital bank - its first full banking venture in Africa
👉Vodacom, the African unit of Britain's Vodafone (IAMTN member), is now moving to expand lending, insurance and payment businesses currently available only in South Africa to other markets.
👉Orange has Mali, Burkina Faso, and Senegal in its sights as expansion markets for Orange Bank Africa, with the timetable dependent upon local regulatory approval.
👉MTN and Telkom, meanwhile, are preparing to offer micro-loans in South Africa
👉Absa (South African lender ) is set to launch partnerships with mobile operators in Tanzania and Uganda. It is also expanding its Kenyan digital offering to cover full-service banking with roll-outs in Zambia, Botswana and Mauritius set for later this year and the rest of its markets in 2021.
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