Cameroon: Societe Generale commits to refunding Yup clients’ assets within “3 months”

In a release issued on March 15, 2022, Societe Generale Cameroon (SG-Cameroon) detailed the roadmap for the cessation of its mobile money segment (YUP)’s activities. 

First, during a 3-month transition period, the bank will establish a process aimed at facilitating the recovery of YUP clients’ assets. 

"Measures are being taken to help clients seamlessly recover their assets in the next three months,” wrote SG-Cameroon.  It does not, however, give details on the number of customers who have money in their YUP wallets, let alone the amount to be refunded. 

According to data from Societe Generale, the France-based parent company, YUP (launched in 2017) had 2.1 million clients as of end-2020, in Côte d'Ivoire, Senegal, Burkina Faso, Cameroon, Guinea, Ghana, and Madagascar. 

To explain its decision to end the mobile money segment, SG-Cameroon indicated that the service has not succeeded in creating a viable model. In short, despite all the resources deployed over the past five years to capture shares of the highly dynamic mobile money market, YUP has proven unprofitable for Société Générale. Therefore, the banking group has decided to focus on banking services. 

SOURCE: BUSINESSINCAMEROON