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 Guinea, Ivory Coast, Mali and Senegal.
It recently received Electronic Money Establishment (EME) licenses in the four countries.
The Group has set up CECOM to provide risk management for the business scope of the EMEs.
Based in Abidjan, Ivory Coast, 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.
Marc Rennard , Deputy Chief Executive Officer in charge of Customer Experience and Mobile Financial Services, said with the milestone, mobile financial services become an integral part of Orange’s services.
Bruno Mettling , Deputy Chief Executive Officer of the Orange Group and CEO of Orange Middle East and Africa, said by securing EME status, they were able to further develop the Orange Money business.
The operator has the objective of generating more than 200 million euros by 2018.
Orange Money customer base represents 5 percent of all customers in this market worldwide.
– CAJ News