Knowledge

Author: Mohamed Khan

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Date: 8 January 2018

Soc Gen Launches YUP

Soc Gen Launches YUP
 
Societe Generale (“Soc Gen”), a multinational French bank (in partnership with Tagpay, a French fintech firm), has launched a new mobile banking app called YUP.
YUP has thus far been introduced in Ivory Coast and Senegal, and provides an alternative to traditional banking. The app offers transactional and other financial services, even to those who do not have a bank account.
The functionalities of “banking” with YUP include basic transactional services like deposits, withdrawals and money transfer among others. The introduction of more advanced services through the app, like credit advances, is in the pipeline.
YUP is already being used by over 30 000 people in Ivory Coast and Senegal. The target is to launch in Ghana, Cameroon, Burkina Faso, Togo annd Guinea by the end of 2018. Yup aims to open a million wallets over the next 3 years, which will double Soc Gen’s customer base in Sub-Saharan Africa.
Soc Gen hope that the launch of YUP will help them tap into the potential in the African market, particularly by targeting those who were previously unbanked. The partnership with Tagpay is to ensure that any mobile phone on any network will be able to use the YUP app.

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