Orange Finances Money Mali and TerraPay are working to enhance financial inclusion among Malians, both within their native country and the global Malian diaspora. Through this collaboration, Orange Money Mali customers now have the flexibility to either withdraw remittance funds from their wallets or utilize them for bill payments, groceries, and person-to-person transfers.
Despite positive indicators of financial inclusion progress in the sub-Saharan Africa region, challenges persist. According to the Global Findex Database 2021, 55% of adults said they have a bank account, including 33% of adults who stated they had a mobile money account. Nearly half of the population still lacks access to traditional financial services, highlighting the ongoing need for initiatives like this partnership, which may help bridge the gap.
“The Orange Money-TerraPay partnership will make it easier for Malians to make payments, receive remittances, and access other financial services, digitally within Mali and across borders,” said Elisa Tavilla, Director of Debit Payments at Javelin Strategy & Research. “According to the World Bank, mobile money and digital remittances have significantly boosted financial inclusion in Mali over the last decade. This new collaboration will further foster financial inclusion and reduce Malian’s dependency on cash payments.”
Financial Inclusion Is Still the Goal in Africa
Africa has garnered attention in the realm of financial inclusion. In August, Mastercard partnered with Kenyan buy now, pay later firm Lipa Later, aiming to provide consumers with limited purchasing power access to BNPL services.
Although Lipa Later is based in Kenya, its reach extends to consumers in Nigeria, Uganda, and Rwanda. Its expanding footprint across Africa reflects a growing consumer interest in credit options that are both affordable and accessible. Through BNPL, consumers in Africa can enjoy the benefits of an improved standard of living at a reasonable cost, marking a significant advancement in the financial landscape.
