By Andrew Nsoseka
One of the leading Pan-African Banks, Société Générale, has launched a revolutionary mobile banking app dubbed YUP.
The banking app has been launched in four African countries, including Cameroon. This innovation in the banking sector in Africa gives room for people of all strata of the society to benefit from mobile banking services where they can carry out all monetary transactions at ease and at a cheaper rate.
YUP services were launched in Cameroon by the Director General of Société Générale Cameroun, Alexandre Beziaud, alongside Sylviane Moudeke, YUP Cameroun’s Director General, at a press conference in Douala on November 22.
Responding to questions from the press on why Société Générale Cameroun decided to engage in mobile banking services, Alexandre Beziaud said: “We decided to engage in mobile banking service because we love competition. Competition is not a problem. We need to be sufficiently competitive with other people. In fact, Cameroonians should welcome competition, because, competition will lead to a decrease in prices. I can tell you that we will be very competitive in terms of prices and our competitors will reduce their prices partly because of us. We love competition and we have competitive advantages over others because we are a bank. As a bank, we know how to do credit and we will be able to propose credit on mobile money and on smartphones.”
Beziaud said YUP is a very user-friendly app and that customers will be able to deposit, withdraw, send money, pay bills, buy telephone credit and conduct trade deals, among other things.
According to him, unlike the existing mobile money services, YUP services are relatively cheaper and in the long run, customers can do their transactions on credit.
On how YUP accounts will operate alongside traditional bank accounts, the two managers asserted that customers can be able to transfer money from their their bank accounts to YUP accounts. But he maintained that there will be exclusivity between YUP and the traditional SG bank accounts.
Meanwhile, commenting on who can use YUP app, Cameroun Director General of YUP, Sylviane Moudeke, said YUP services are for all, but most especially for those who are left out of the traditional banking services.
She said that YUP will ease the daily transactions of their clients. Those with YUP accounts can carry out monetary transactions with ease and at their convenience. Relatives can use YUP to send and receive money from one another. It is also good for employees, who work in some companies, but cannot afford a traditional bank account
Going by the Managing Director, Ms. Moudeke, YUP services are very flexible in that, no matter the mobile phone service a customer subscribes to, they will have access YUP services.
She said smartphone users will use the YUP app, downloadable from Google Play Store, as well as App Store for IOS users.
According to her, non-users of smartphones, commonly referred to as ‘choronko’ will also be able to access YUP services with the help of YUP service booth providers and carry out their transactions like any other user.
YUP Cameroun will also provide services like general payments, payment of salaries, credit services to customers, as well as advance salaries.
Beside Cameroon, Société Générale has also launched the same services in other African countries, which include Senegal, Ivory Coast, Ghana, Guinea Conakry, Burkina Faso, Madagascar, Mozambique and Togo are coming soon,
In Cameroon, YUP service providers are already working with 20 collaborators and over 500 service points spread throughout the national territory.
The service points are manned by trained and skilled youths, stationed to provide accessible monetary services to a wide range clientele at their areas of proximity, characterised by its user-friendly and flexible nature, to help every Cameroonian in their day to day activities.