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Orange sets up CECOM a mutualized compliance centre for mobile money activities
With the recent receipt of Electronic Money Establishment licenses (EME) in four countries (Senegal, Mali, Côte d’Ivoire and Guinea), Orange…
With the recent receipt of Electronic Money Establishment licenses (EME) in four countries (Senegal, Mali, Côte d’Ivoire and Guinea), Orange has further strengthened its position as a major player in the mobile financial services segment in Africa
Marc Rennard, Deputy Chief Executive Officer in charge of Customer Experience and Mobile Financial Services, announced: “With this new milestone, mobile financial services become an integral part of Orange’s DNA. The licenses received from the Central Banks together with our investment in the CECOM are testimony to our commitment to this diversification, which will benefit our customers who use Orange Money services several million times each day.”
With the recent receipt of Electronic Money Establishment licenses (EME) in four countries (Senegal, Mali, Côte d’Ivoire and Guinea), Orange has further strengthened its position as a major player in the mobile financial services segment in Africa.
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This change of status is accompanied by the creation of a new organization, CECOM, which provides mutualized risk and compliance management for its mobile money activities in these countries.
Based in Abidjan, Côte d’Ivoire, CECOM reports to the Orange Group and provides second-level control for the Orange Money business. It serves Orange’s EME subsidiaries, which provide first-level control. CECOM is staffed by a multidisciplinary team of experts with advanced skills in banking, telecommunications and information technology.
Bruno Mettling, Deputy Chief Executive Officer of the Orange Group and CEO of Orange Middle East and Africa, said: “By securing EME status, we are able to further develop the Orange Money business, which lies at the heart of our mission of being the strategic partner for the digital transformation in Africa and the Middle East, with the objective of generating more than 200 million euros by 2018. Today, the Orange Money customer base represents 5% of all customers in this market worldwide. Acceleration is already in progress, in particular with the opening of new corridors to expand our international money transfer services.”