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.