French telecommunications company Orange SA outlined its expansion plans in financial services under its new strategy through 2025.
The company aims to launch banking services into the Middle East and Africa from 2020, building on its existing Orange Money operations in the region. Through Orange Bank Africa, the company also aims to have around 10 million customers by 2023 and generate net banking income equivalent to approximately €100 million.
Additionally, the company intends to expand its main financial services unit, Orange Bank SA, to all European countries where the group has established operations by 2025. Orange Bank is expected to break even in Europe toward 2023-end, with a projected customer base of nearly 5 million and roughly €400 million in net banking income.