French banking group Societe Generale has launched a new digital wallet service, known as YUP, targeted at the African market.
The wallet, which is powered by Tagpay, allows users to withdraw, deposit, and transfer money, pay bills, and purchase phone credit.
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The bank plans to eventually upgrade the wallet with additional features such as payday advances, credit, savings products, and international transfers.
YUP has already been launched in Ivory Coast and Senegal, where it now has 30,000 customers and around 600 agents.
Plans are on for a rollout in Ghana and Cameroon before the end of 2017 and Burkina Faso, Togo and Guinea the next year. The bank eventually aims to expand its customer base to one million wallets by 2020 and hire 8000 agents.
Societe Generale head of the Africa/Mediterranean basin and overseas region Alexandre Maymat said: “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.”
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