Orange Group has allocated between €500-€600 million for the European expansion of Orange Bank

Orange group has confirmed that it is to expand its Orange Bank services throughout Europe in 2019, starting with a launch in the telco’s second biggest market, Spain.

Orange expects to launch Orange Bank services in Spain in the second half of 2019, followed by launches in other key European markets, most likely Romania.

The company also confirmed that it expects to launch banking services in Poland, Belgium and Slovakia in 2020.

Range Bank currently has 200,000 customers in France and expects to dramatically increase this to 2 million customers within 10 years.

According to a report filed by Reuters news agency, Orange expects its Orange Bank brand to generate a profit in France and Spain by the end of 2023.

The announcement coincides with Orange Group’s expansion of its financial services portfolio in Africa. The company launched Mowali, an interoperable mobile payment service, across Africa earlier this month.

"Increasing financial inclusion through the use of digital technology is an essential element in furthering the economic development of Africa, particularly for more isolated communities. This solution embodies Orange’s ambition to be a leading player in the digital transformation of the continent," said Stéphane Richard, chairman and CEO of Orange.

Mowali will immediately benefit from the huge reach of Orange’s and MTN’s networks in Africa, who serve 100 million mobile money customers in 22 countries in sub-Saharan Africa.