Société Générale has announced the launch of YUP, a mobile money solution that provides access to financial services even without having a bank account.
Deployed in Côte d’Ivoire and Senegal, YUP already has more than 30,000 open wallets and nearly 600 agents. YUP will continue its development by launching in Ghana and Cameroon by the end of the year and in 2018 in Burkina Faso, Guinea and Togo before being extended to the entire network.
Société Générale hopes to open 1 million wallets within 3 years, doubling its customer base in sub-Saharan Africa, and building a network of 8,000 agents to serve their users.
Commenting on the launch, Alexandre Maymat, Head of the Africa/Mediterranean Basin & Overseas region said: “Africa is inventing the future of banking. The project’s key ambition is to be a part of this revolution by offering a simple transactional tool that’s accessible to all residents of the countries in which Societe Generale does business, be they individuals or corporations, Group customers, account holders with our competitors, or customers without bank accounts. This last category makes up 80%-90% of the population depending on the country, and it’s a major financial inclusion challenge in which the Group wants to take part through YUP.”
The wallet, built on technology from French start-up firm TagPay, allows customers to transfer money, receive cash and pay bills with a mobile phone. It is targeted at both banked and unbanked customers and is available to any mobile phone user, regardless of its telephone operator.