YUP's development is intensifying in Africa
Societe Generale and YUP's shared ambition is to become a major actor of the development of financial inclusion in Africa. Therefore, the two entities are creating synergies that aim to relieve the Societe Generale branches' congestion and optimize the classical banking system by expanding their network thanks to alternative banking solutions.
Therefore, Societe Generale brings a new solution to tackle network coverage issues through its subsidiary YUP.
Thanks to YUP and Connect, Societe Generale's mobile application, people can receive their salary through the YUP distribution network without having to go the their banking branch, thanks to the "Bank to wallet" functionality,
For instance, this synergy enables partially banked construction workers in the Northern Region of Cameroon, who are located far from a Societe Generale branch to get their wages easily. In the Eastern region of Cameroon where workers had to travel a 72h trip to get their pay in the nearest Societe Generale branch, they have benefited from the settlement of a YUP agent close to their working place to ensure transactions.
In Guinea, where rural areas are very isolated, developing alternative to the traditional bank is even more important. Therefore, Societe Generale and YUP started to diversify the network of YUP agents, even deep inside the territories, by making the payment of civil servants' salaries and small investors' account management easier.