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Societe Generale, the French banking giant, has signed a merchant acquiring partnership with American Express, a global payments company, to deepen the bank’s presence and grow its electronic payment services in eight Sub-Saharan African countries where it operates.

In a statement released today, the Paris-based bank said the agreement involves both online and point-of-sale (POS) payments through electronic payment channels where it has subsidiaries in Benin, Burkina Faso, Cameroon, Chad, Guinea, Ivory Coast, Madagascar and Senegal.

“We are pleased to enter into this agreement to offer merchants in West Africa the ability to accept American Express,” said Alexandre Maymat, Head of the Africa region at Societe Generale. “It will allow us to better serve our clients as well as acquiring new corporate customers, and it will also strengthen the bank’s footprint in the region.”

Societe Generale said its Ivorian subsidiary – Societe Generale des Banques en Côte d’Ivoire (SGBCI) – will be the first to offer the service in the region, before it is rolled out to other countries before the end of this year. With the new partnership, Societe Generale said retailers wishing to accept payments from American Express Card members can now sign a contract with the bank.

“We are delighted to partner with Societe Generale, one of the top international banks operating in Africa, to expand the scope and reach of the American Express brand,” said Andrew Stewart, Vice President and General Manager, Bank Partnerships, at American Express. “This new partnership will grow our merchant network in Sub-Saharan Africa, and will benefit American Express Card members in Africa, as well as those visiting the continent. Sub-Saharan Africa has high potential for economic growth, and this new partnership presents a number of unique and exciting growth opportunities.”

Founded in 1864, Societe Generale is one of the largest European financial services groups with over 30 million client accounts and 148,000 employees based in 76 countries. As at 2015, Societe Generale had total assets of €1.31 trillion.