France headquartered bank Societe Generale aims to attract 1 million customers to its Yup mobile wallet service in Sub-Saharan Africa within the next three years.
In a statement announcing Yup’s launch, Societe Generale said it aimed to create a network of 8,000 agents to support the service, which is already available in Ivory Coast and Senegal.
Its next launches are planned for Ghana and Cameroon – scheduled for later in 2017, while availability in Burkina Faso, Togo and Guinea is set to follow in 2018.
Although only formally announced by the company today (14 September), Yup already gained 30,000 customers across its two launch markets and signed up 600 agents in these countries.
As with many mobile money services on the continent, Yup allows customers to transfer money, pay bills, buy phone credit and make payments to merchants. It is available both on smartphones and more basic handsets.
“Africa is inventing the future of banking,” Alexandre Maymat, Societe Generale’s head of the Africa and Mediterranean basin and overseas region 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.”