Friday, February fourteenth, the UN says at least 22 people have been killed in a village in the Northwest region of Cameroon. Over half of those killed were children. No one has claimed responsibility for Friday’s incident but the opposition parties blame the killing on the government.
Société Générale and Express Union to set up network with close to 700 branches in Cameroon
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The Cameroonian subsidiary of the
French banking group Société Générale (SG) and the money transfer company
Express Union have just signed a partnership, which will enable them to set up
the biggest financial services network of the country, with close to 700
branches, we officially learned.
In effect, the two partners
explain, the 680 branches of the leader in domestic money transfers in the
country, as well as the 32 banking agencies of the Société Générale Cameroun
network will now become "contact points" for the clients of both
operators.
In practical terms, we learn,
this vast network will be used to make cash deposits on accounts held at
Société Générale Cameroun; as well as withdrawals. Additionally, it will now be
possible to transfer money to friends and family directly from SG bank
accounts; or withdraw or transfer money by bank card, through the electronic
points of sale (EPOS) which will be installed throughout the network of Express
Union.
This partnership enables SG
Cameroun, market leader for bank loans in the country, to get closer to its
client base, but most importantly to further expand its network while avoiding
the costs associated to the creation of new branches. The local subsidiary of
SG will also be able to win new market shares in the rural areas of Cameroon,
which are literally covered by the money transfer Express Union, but where
banks are barely present.
For Express Union, who has been
experimenting with the microfinance activity for some months, with far less
success than in the money transfer sector; the company should be able to
benefit from the expertise of Société Générale to gain more experience in this
activity. Furthermore, the leader in the domestic money transfer market, who is
also present in other Central and Western African countries, will indirectly
strengthen its own treasury by getting access to some of SG's deposits.
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