SocGen eyes African expansion; sinks EUR1 million in to TagPay

SocGen eyes African expansion; sinks EUR1 million in to TagPay

Societe Generale is to invest EUR1 million in French mobile payments outfit TagPay under an initiative to maintain and grow its retail consumer base in the African sub-continent.

Created in 2005, TagPay uses Sound Based Technology to turn every existing mobile phone worldwide into a payment tool and authentication device, regardless of the operator. End users can use their mobiles to receive a salary, pay bills, send money and pay at points of sale.

SocGen, which has a presence in 18 African countries and represents 3.3 million clients, is already using the mobile channel across a number of different use cases in Senegal, Ivory Coast and as a basic mobile banking service in several Sub-Saharan African countries.

The EUR1 million investment represents an eight percent stake in TagPay. In a statement, SocGen says the service has several competitive advantages "in terms of speed of deployment as well as a rich catalogue of financial functions and services. It allows us to reach the unbanked by addressing basic mobile phones that still represent the majority of the stock in emerging countries."

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