Société Générale, a financial services provider based in France, recently rolled out its Yup Mobile Wallet in the Ivory Coast and Senegal, allowing users to “withdraw, deposit, and transfer money,” as well as to “pay bills, buy phone credit, and make payments to merchants.” Yup does not require a bank account, and customers can can upload and withdraw cash at 600 non-bank agents. As of September, it has 30,000 users. Société Générale plans to expand Yup to Ghana by December, and during 2018 it expects to replicate the service in Burkina Faso, Cameroon, Guinea and Togo.
Société Générale is a financial institution that was established in 1864 and is based in Paris. It offers retail and private banking, corporate and investment banking, and investment management services in 76 countries. As of the second quarter of 2017, Société Générale reported group net income of EUR 1.2 billion (USD 1.4 billion) and return on equity (ROE) of 9.1 percent.
By Aleks Marceau, Research Associate
Sources and additional information
Société Générale press release:
https://www.societegenerale.com/en/content/ensociete-generale-launches-yup-new-alternative-to-the-traditional-banking-model-in-africa
Société Générale home page:
https://www.societegenerale.com/
MicroCapital on Société Générale in Serbia:
https://www.microcapital.org/microcapital-brief-societe-generale-loans-21-2m-to-microenterprises-in-serbia-european-bank-for-reconstruction-and-development-ebrd-guarantees-10-6m-in-support-of-financial-inclusion-via-visionf/
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