Société Générale launches African mobile bank, Yup

22 September 2017

Money Transfer

Société Générale, a French multinational banking and financial services company, has launched its new African mobile bank Yup in the Ivory Coast and Senegal.

Yup is branded as an alternative to traditional African banking models, offering transactional and financial services to all, including those who do not own a bank account. It has already attracted 30,000 members and 600 agents in the two countries.

The app is accessible through an expanded network of distributors with adapted terminals and also through Société Générale’s mobile African banking app network.

The firm hopes to tap into the potential of the African market, providing its services broadly across the countries in an easy to use way to those who previously have been unable to access banking solutions.

The platform will allow customers to withdraw, deposit, transfer money, make payments, buy phone credit and pay bills through the app. However, it is understood that the amount of services offered will soon expand, with plans to introduce payday advances, credit, savings and international transfers to its capabilities.

Yup will be provided in partnership with Tagpay, a French fintech firm that will allow any mobile phone or provider to access the app due to its development of NSDT contactless authentication technology.

Source: African Business Review