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Abbas Mahamat Tolli, governor of BEAC has just signed a decision authorizing Société générale Cameroun (SGC), to provide mobile money services.

This time, SGC partners with Yup Cameroun, a network of third-party service providers (gas station, retailer, etc…). 

In the decision, Abbas Mahamat Tolli informs that Société générale Cameroun is allowed a deadline of six months from the decision’s signing date, to comply with the regulatory framework and send the statistics on its activities to BEAC.

Let’s note that SGC submitted the authorization request on September 22, 2017. Thanks to this service, users can now withdraw, deposit and transfer money. They can also buy airtime or pay for goods and services. Unlike Afriland, BICEC and UBA which partner with MTN, Orange, and VIETTEL respectively, SGC does not rely on a telecommunication operator. This is not the first time either. Indeed, according to BEAC, on December 31, 2014, the bank suspended its service Monifone because of the competition and recurring conflicts with some telecommunication operators.   

For the record, ‘Yup Cameroun’ is accessible via an extended network of distributors equipped with appropriate terminals. Offered in Côte d’Ivoire and Senegal, the Yup service comprises of more than 30,000  e-wallets opened with about 600 agents.

This year, Société générale expects to launch its mobile money services in Burkina Faso, Guinea and Togo.