Societe Generale invests in mobile payments outfit TagPay
French banking group Societe Generale has acquired an 8% stake in mobile banking service company TagPay.
Launched in 2005, TagPay enables users to check balance statements from anywhere, as make fund transfers and bill payments via their mobile phones.
The platform makes use of cloud computing and can be used on all devices irrespective of network operators.
The French lender paid $1m to TagPay for the stake.
According to Societe Generale’s Alexandre Maymat, the deal represented a significant step to grow the bank’s business in the continent in the face of rising infrastructure costs.
Societe Generale is present in 18 African countries. In April 2015, the bank launched its pan-African mobile banking offer.