Equity Bank to serve Orange Money users

By Fredrick OburaOrange money customers can now deposit or withdraw money from any of the Equity Bank agent outlets spread across the country.
The telecommunications firm said customers would now be able to access the services from the more than 2,300 Equity agent outlets opened over the past few months.
Telkom Kenya Chief Executive Mickael Ghossein said the access to services from the agency banking outlets will complement Orange Money services that are already offered at Equity Bank branches, independent Orange Money agents, Orange shops and dealer outlets.
"The agency banking model gives us a new avenue through which to adopt a more innovative way to offer Orange Money services," he said.
Agency banking was pioneered by Equity Bank soon after the Central Bank of Kenya (CBK) authorised banks to adopt the model as one way of reaching the unbanked.
KCB and Co-op Bank have already started recruiting agents with up and running businesses. Targeted businesses to offer agency banking services include supermarkets, petrol stations and wholesalers.
Last month, KCB announced the roll out of about 500 banking agents across the country.
"We have been piloting with 30 agents and the results have been very encouraging," KCB Chief Executive Martin Oduor-Otieno said at the launch ceremony.
"We believe we can achieve our target of 2,000 agents across the country by the end of 2011."
Ghossein said Orange was committed to growing a reliable and robust distribution network, through which customers can derive optimum convenience.
"We will continue availing our services more conveniently, and that is why we have seen it fit to increase the number of areas in which our customers can access Orange Money services," he said.
Mobile bankingOrange Money was launched last November, combining both the features of a mobile money transfer and mobile banking solutions.
By March, there were more than 115,000 registered Orange Money customers with projections that the number will increase in the coming months, as the service moves to sign more partnerships with other organisations driving the new growth.
"Orange Money is only in its seventh month now and by the time it turns one year, we will have made other landmark strides, which will continue to set us apart from competition," Ghossein said.