Société Générale S.A., a Paris-based multinational banking and financial services company, is introducing a mobile money service in Africa with the goal of having 1 million accounts in the next three years, according to a press release.
The service, called Yup, is meant to give users a full range of transactional and financial services without the need of a traditional bank account, which is similar to M-Pesa, the most popular mobile money service in the region.
Users can access Yup via an expanded network of distributors equipped with adapted terminals and via the mobile banking app of Société Générale’s different banks throughout Africa, according to a press release.
Yup’s customers can withdraw, deposit, and transfer money, pay bills, buy phone credit, and make payments to merchants. It also also digitizes corporate payment flows. Société Générale said it will soon add financial services like payday advances, credit, savings products, and international transfers, according to the release.
Société Générale already has launched Yup in the Ivory Coast and Senegal and has 30,000 users and some 600 agents combined in those countries. The company plans to also launch Yup in Ghana and Cameroon by the end of the year and then Burkina Faso, Guinea and Togo in 2018.