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Societe Generale launches new mobile money solution YUP in Africa

Point of sale YUP in Ivory Coast. (Image source: Societe Generale)

Societe Generale has introduced new African mobile bank YUP in the Ivory Coast and Senegal, aiming to providing a new alternative to the traditional banking model, with a full range of transactional and financial services even without a bank account

YUP is a mobile money solution that is based on an agency banking model, such as a network of third-party agents with whom the bank has formed partnerships relating to service stations, distribution trade and etc. According to the company, YUP can be accessible via a network of distributors equipped with adapted terminals, and also through the mobile banking app of Societe Generale's different banks throughout Africa.

The YUP is aiming to meet the needs of customers who have not been offered or have access to many banking solutions yet, said the company.

After being deployed in Ivory Coast and Senegal, YUP already has more than 30,000 open wallets and nearly 600 agents in two countries.

The customers can withdraw, deposit, transfer money, pay bills, buy phone credit and make payments to merchants using YUP solution. In addition, it also focuses on digitising the payment flow of the corporate.

The company is further planning to add financial services like payday advances, credit, savings products and international transfers using the solution in near future.

French fintech Tagpay, where Societe Generale is a shareholder, has developed NSDT contactless authentication technology, which is used in YUP, aiming to achieve more intuitive solution for the users. It enables the customer to use YUP from a mobile phone, either smartphone or traditional mobile phone.

The company said that it targets to launch YUP in Ghana and Cameroon by the end of 2017, with further plan to launch in Burkina Faso, Guinea and Togo in 2018.

“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.” said Alexandre Maymat, head of the Africa and Mediterranean Basin and overseas region in Societe Generale.

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