Societe Generale acquires stake in Fintech TagPay
Societe Generale, a French multinational financial service company, has announced that it has acquired a stake in the share of TagPay, a French fintech mobile digital banking to develop mobile banking in Africa.
According to a French media, Societe Generale has invested €1 million to take 8% of TagPay capital in order to accelerate its development in Africa. The company with this solution aims to double in 5 years to customers in 7 African countries with headquarters in Senegal, where the bank plans to launch the platform.
“The retail banking in Africa enters a new phase of development which requires inventing new distribution models, mobile to deploy a network partnership and thereby strengthen customer proximity infinitely better than traditional agencies whose infrastructure costs are too high,” Alexander Maymat of Societe Generale said.
The group has drawn a new banking model with two features. One being a digital wallet which enables simple transactions with mobile phones and second being a smartphone application that offers classic features of mobile banking (loosely translated).
A release stated that TagPay solution has a unique position in the digital banking market that is widely used in many emerging countries. The solution has several competitive advantages in terms of deployment speed and a rich catalogue of financial functions and services. Yves Eonnet, CEO of TagPay stated that its platform can set up a bank in three months.
Few features of TagPay includes that it is independent from telecom operators, easy to roll out as it is hosted in the cloud, flexible, scalable and user-friendly among others. TagPay offers a complete range of mobile financial services that work with any phone on the market. TagPay creates an ecosystem that is secure, simple and fundamentally inclusive.