TagPay-Mobile banking platform secures $1 million investment from Société Générale

Launched in 2005, TagPay allows users of its platform to check balance statements from anywhere in the world, transfer money, and pay bills all through their mobile phones.

TagPay,  a mobile banking service company owned by Tagattitude, has landed $1 million in investment from Société Générale for an 8% stake in the company.

Société Générale and TagPay are collaborating to facilitate the bank's expansion while offering more value to its clients. According to Alexandre Maymat of Société Générale, adopting a mobile banking system was an important step in boosting its business in the continent, amidst rising infrastructure costs.

Launched in 2005, TagPay allows users of its platform to check balance statements from anywhere in the world, transfer money, and pay bills all through their mobile phones.

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Société Générale

 (placementsnow)

The tech behind the platform is based on cloud computing and it can be used on all devices regardless of network operators or OEMs.

In Africa, average smartphone use comes in at about 15% of the population, while 65% of the population use one kind of mobile device or the other.

Mobile banking has become much of a big deal in Africa and the recent successes of platforms like M-PESA in Kenya have led to a rapid rise in the amount of mobile banking platforms and applications.