French telecom operator Orange has established a compliance centre in Africa devoted to Orange Money to strengthen its position as a major player in the mobile financial services segment in the continent.
Located in Abidjan, Ivory Coast, the Orange Money Compliance Expertise Centre (CECOM) will manage risk and compliance issues for the group’s electronic money activities in Senegal, Mali, Cote d’Ivoire and Guinea.
The French company was awarded electronic money establishment (EME) licences in these four countries early this year.
It will serve Orange’s EME subsidiaries, which will provide first-level control.
CECOM is staffed by a multidisciplinary team of experts with advanced skills in banking, telecommunications and information technology, the group said in a statement.
Marc Rennard, deputy CEO in charge of customer experience and mobile financial services, commented: “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.”