Orange SA will ally with the Ivorian group New Interafrican Insurance Company (NSIA) to start banking operations in West Africa to expand its offer in financial services.
The two entities agreed on the creation of a joint venture 75% owned by the French telecom operator and 25% by NSIA. An agreement that will allow Orange to offer retail banking, microcredit and insurance services in the West African region.
To do so, the group intends to rely on the assets of NSIA in Côte d’Ivoire and Senegal, assets acquired through the acquisition by NSIA of 97.07% of the capital of DIAMOND Bank S.A in November. These banking services will then be extended to Mali.
In addition, both partners plan to seek approval of their plans from the Central Bank of West African States (BCEAO) before the end of July.