The BFV-SG bank in Madagascar has been completely rebranded and is now called Société Générale Madagasikara. It is in the same spirit that an announcement was made in Ankorondrano concerning the arrival of the electronic wallet. This is one of the initiatives of this bank to strengthen financial inclusion in the Big Island.
Société Générale’s mobile money: already present in Africa
It is already present in 5 African countries, including Senegal, Burkina Faso, Ghana, Cameroon and Ivory Coast. Société Générale’s mobile money solution should now also be available in Madagascar. It is with the aim of promoting financial inclusion that this concept was introduced by the former BFV-SG. Now called Société Générale Madagasikara, the financial institution announced this at the same time as its rebranding. “New year, new footprint,” says the bank manager. Indeed, he explains that this rebranding is taking place in parallel with the implementation of the institution’s strategic vision, especially in terms of innovation.
A real revolution in the field of e-commerce
The commerce sector, and more particularly the online sector, has undergone a real revolution. This is thanks to the dematerialization of money, as well as the transactions themselves. Thus, it is with this in mind that this institution has considered introducing the e-wallet, or electronic wallet. Moreover, the marketing director of Société Générale Madagasikara, Lanto Tina Dreyer, adds that the e-wallet is already well established in Africa. Thus, the objective is to free itself from the virtual currency operators. This should make it easier for both households and businesses to manage their finances.
Electronic wallet Yup
In detail, the Yup e-wallet solution is multi-operator. Thus, it is not necessary to change the SIM card to access the mobile money account. Thanks to this technology, the Malagasy should be able to access a secure wallet. Furthermore, this solution should be a plus for business owners, for example for the payment of salaries or other bills.
The mobile money application in the African region
Launched almost 2 years ago, Yup is a mobile money application aimed at empowerment. Indeed, it allows its users to access a full range of transactional and financial services even without having a bank account. Following an “Agency Banking” model, Yup relies on a network of third-party agents with whom the bank has established partnerships. For example, they may be shops, gas stations, etc. As a result, YUP enables Société Générale to meet the needs of a clientele that has not previously been reached by the banking offer. This, while offering a very high availability, proximity and ease of use.
Who is the Yup e-wallet for?
This solution is offered to both banked and unbanked users. In addition, users can use it to pay merchants directly, without using a credit card. Acting as a true alternative bank, Yup will allow its customers to adapt their transactions to their own way.