The Societe Generale de Banques du Senegal (SGBS), a private commercial bank with CFA 400 billion (USD 743 million) in total assets, and Obopay, a US-based mobile payment service established in 2005, have united to launch Yoban’tel, a mobile money transfer and bill payment service, in Senegal. The system will allow the use of any mobile phone to transfer money or pay bills using SMS (short message service, also known as text messaging). SGBS has signed partnerships with several local actors to help expand the service: Credit Mutual du Senegal, a microfinance institution based in Dakar, will offer registration and cash management, and Tigo, a mobile phone network provider based in Luxembourg, will provide distribution.
As of 2008, SGBS had CFA 295 billion (USD 549 million) in total deposits and CFA 299 billion (USD 556 million) in outstanding loans. SGBS is a division of Societe Generale, a financial services company based in Paris, France. In 2009, Societe Generale reported EUR 1.024 trillion in total assets, EUR 42.2 billion in total equity and EUR 21.73 billion in total revenue.
By Conner Brannen, Research Assistant
Sources and Additional Resources:
PaymentNews: “Societe Generale, Obopay Team to Bring Mobile Money to Senegal,” June 28, 2010: http://www.paymentsnews.com/2010/06/societe-generale-obopay-team-to-bring-mobile-money-to-senegal.html
MICROCAPITAL BRIEF: Gates Foundation, USAID Offer $15m to Initiators of Mobile Money Services in Haiti, June 11, 2010: https://www.microcapital.org/microcapital-brief-gates-foundation-usaid-offer-15m-to-initiators-of-mobile-money-services-in-haiti/
MICROCAPITAL BRIEF: Faulu Kenya, a Microfinance Bank Based in Nairobi, Signs Partnership Deal with PesaPoint, a Private Provider of ATM Services, June 11, 2010: https://www.microcapital.org/microcapital-brief-faulu-kenya-a-microfinance-bank-based-in-nairobi-signs-partnership-deal-with-pesapoint-a-private-provider-of-atm-services/
MICROCAPITAL BRIEF: One of the Largest Mobile Operators in Kenya, Safaricom, and Equity Bank, a Microfinance Bank, Join Together to Launch Mobile Banking Program, June 2, 2010: https://www.microcapital.org/microcapital-brief-one-of-the-largest-mobile-operators-in-kenya-safaricom-and-equity-bank-a-microfinance-bank-join-together-to-launch-mobile-banking-program/
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