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Societe Generale Begins Mobile Money Services in Africa

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By Modupe Gbadeyanka

One of the largest European financial services groups, Societe Generale, has launched a mobile money solution called YUP in Africa.

The system, an alternative to the traditional banking model in the continent, has been deployed in Ivory Coast and Senegal will more than 30,000 open wallets and nearly 600 agents in place.

The lender said it plans to launch the system in Ghana by the end of 2017 and in Cameroon, Burkina Faso, Togo and Guinea in 2018.

Its target is to open one million wallets in the next three years, to double Societe Generale’s individual customer base in sub-Saharan Africa and create a network of 8000 agents to serve their users.

YUP is a mobile money solution for accessing a full range of transactional and financial services even without a bank account.

Based on an Agency Banking model, i.e. a network of third-party agents with whom the bank has formed partnerships (service stations, distribution trade, etc.), YUP is accessible via an expanded network of distributors equipped with adapted terminals and, of course, via the mobile banking app of Societe Generale’s different banks throughout Africa.

With YUP, Societe Generale is widely available, local, and easy to use, to meet the needs of customers who have, until now, not been offered or have access to many banking solutions.

A transactional platform that will soon have mobile financial services added on.

YUP’s customers can withdraw, deposit, and transfer money, pay bills, buy phone credit, and make payments to merchants.

The YUP solution also digitises corporates’ payment flows. Soon, financial services like payday advances, credit, savings products, and international transfers will be added.

YUP is for customers with or without bank accounts. YUP is for anyone with a mobile phone (smartphone or traditional mobile phone), no matter which telco they use, thanks to the partnership with Tagpay.

Tagpay is a French fintech in which Societe Generale is a shareholder. It developed NSDT contactless authentication technology, which is innovative and more intuitive for users than existing solutions on the market.

YUP is based on the innovation ecosystem at its Innovation Lab in Dakar, on the Jokkolabs premises. That is where the new applications rolled out on YUP are written, in partnership with our customers and African start-ups.

“Africa is inventing the future of banking. 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. This last category makes up 80%-90% of the population depending on the country, and it’s a major financial inclusion challenge in which the Group wants to take part through YUP,” says Alexandre Maymat, Head of the Africa/Mediterranean Basin & Overseas region.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Banking

UBA, NiDCOM to Unlock Diaspora Capital for Nigeria’s Growth

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UBA NiDCOM Unlock Diaspora Capital

By Modupe Gbadeyanka

A partnership aimed to unlock diaspora capital for Nigeria’s growth has been deepened by the United Bank for Africa (UBA) Plc and the Nigerians in Diaspora Commission (NiDCOM).

The chief executive of UBA, Mr Oliver Alawuba, underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.

He also reiterated the financial institution’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement, urging Nigerians abroad to tap into opportunities within Africa’s economic landscape.

“You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home.

“Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space,” the UBA chief said on Monday when he hosted key representatives of NiDCOM led by its chairman, Mrs Abike Dabiri, at the bank’s office in the United Kingdom.

UBA recently launched a Diaspora Banking platform to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.

The lender introduced the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.

“With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country,” Mr Alawuba noted.

In her remarks, Mrs Dabiri-Erewa praised UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform.

“Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you,” she stated.

While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.

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Ecobank’s Enhanced Ellevate Initiative Excites Women Entrepreneurs

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Ellevate by Ecobank

By Modupe Gbadeyanka

The launch of the Enhanced Ecobank Ellevate Proposition (Ellevate 2.0) in Lagos has been welcomed by women entrepreneurs.

Ecobank Nigeria, a subsidiary of the pan‑African financial services group Ecobank Group, unveiled the upgraded programme at an event themed Her Voice. Her Power. Her Growth. The initiative was designed to support women‑owned businesses.

The gathering featured inspiring conversations and practical insights from accomplished women in business and professional leadership.

In her keynote address titled The True Woman Power: Strength Rooted in Identity, Resilience and Purpose, the founder of Gatimo Limited and Creative Director of Ruff ‘n’ Tumble, Mrs Adenike Ogunlesi, praised Ecobank for its longstanding support for women entrepreneurs.

“When I was seeking a loan facility many years ago to grow my business, Ecobank was the institution that supported me when others turned me down,” she shared, encouraging women to embrace self-awareness, resilience, and purpose as the drivers of long‑term success.

The panel session featured the chief executive of Strata Advisory, Ms Bode Abifarin; the chief executive of Village Farms Commerce and Exchange, Ms Titilayo Adesoga; and the founder of Beaty Hut Africa, Ms Subuola Oyeleye, who each shared powerful reflections from their personal and professional journeys.

Drawing from her extensive leadership background, Ms Abifarin highlighted the need for women to own their transitions and step confidently into new seasons.

On her part, Ms Adesoga encouraged women to rise above limitations by taking ownership of their personal and business narratives, as Ms Oyeleye highlighted the importance of authenticity, innovation, and investing in quality, reinforcing that women can build globally competitive businesses from Nigeria.

In her welcome speech, the Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayo Osolake, who represented the Managing Director/Regional Executive, Mr Bolaji Lawal, said, “Ellevate by Ecobank reflects our unwavering commitment to supporting women entrepreneurs, who remain key drivers of economic growth, innovation, and job creation.”

Ellevate Manager for Ecobank Nigeria, Ms Victoria Igun, said, “This enhanced proposition creates stronger pathways for women entrepreneurs and professionals to build sustainable businesses and translate ambition into lasting impact.”

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Banking

Zenith Bank Plans London Stock Exchange Listing in 2027

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Zenith Bank 2025 AGM

By Adedapo Adesanya 

Nigerian tier-1 lender, Zenith Bank Plc, plans to list on the London Stock Exchange in 2027 to broaden access to capital and strengthen client services.

“There are a lot of deals we have on the table to finance across the United Kingdom and other countries, for which we need to raise more capital,” a bank official said on Tuesday, as per Bloomberg, since Zenith didn’t disclose additional details of its plan.

The move will make Zenith Bank the second Nigerian lender to list on the United Kingdom’s major exchange, following Guaranty Trust Holding Company (GTCO) Plc.

Zenith Bank, which is Nigeria’s second-largest lender by market value, has opened a branch in Manchester today in addition to the operation it already has in London.

The Manchester branch has the capacity to create up to 30 new direct jobs, a boost for the economy of the UK’s North West region.

The chief executive of Zenith Bank, Ms Adaora Umeoji, said, “The United Kingdom remains a key global financial centre. The opening of Zenith Bank, Manchester, therefore, marks another important milestone in our international expansion strategy, enabling us to deepen relationships with our customers, support trade and investments, and connect businesses between Africa and the UK more effectively.”

Last year, the bank raised its capital above the N500 billion minimum requirement set by the Central Bank of Nigeria (CBN), and announced plans to expand in francophone West Africa.

Founded in 1990 by Mr Jim Ovia, Zenith Bank has grown into one of Africa’s most respected banking institutions, boasting a robust capital base and a remarkable history of year-on-year profitability.

Headquartered in Lagos, Nigeria, Zenith Bank operates over 500 branches and business offices across the 36 States of the Federation and the Federal Capital Territory (FCT).

The bank currently operates subsidiaries in several African countries, including Ghana, Sierra Leone, Gambia, and Cote d’Ivoire, while maintaining a presence in major international financial centres, including the United Kingdom, France, the UAE and China.

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