Discontinuation of YUP Mobile Money: December Deadline For Clients To Empty Accounts

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Discontinuation of YUP Mobile Money: December Deadline For Clients To Empty Accounts

14 mars 2022 14:39

YUP’s General Manager disclosed subscribers have until December 2022 to empty their accounts.

T he mobile money service of the French banking group; Société Générale has been closed. Reasons for the end of activities was made known by the General Manager of the bank, Nicolas Pichou on March 1st. According to an official statement to colleagues, “Five years ago, the AFMO Business Unit (Africa and Middle East, editor’s note), concerned with promoting financial inclusion, facilitating access to innovative transactional and financial means, in particular by dematerialising business payment flows, launched an electronic money service and created a dedicated YUP entity. Despite all the efforts made by the YUP teams, in the seven geographies concerned, including Cameroon, to develop our market shares and improve the experience, the service has not succeeded in creating a viable model and the market prospects do not allow us to envisage its maintenance”. Analysing the message only means the mobile money arm of Société Générale launched in 2017 has not been profitable, reason it has to go out of business. From the announcement date, most subscribers haven’t been able to have a sound night sleep because they think they won’t be able to have access to their money. To clarify subscriber’s doubts, the General Manager of YUP, Sylviane Moudeke, disclosed on StopintoxCameroun Facebook Page that user’s m...