Societe Generale Group has acquired a stake in the share capital of TagPay, a French fintech that specializes in mobile banking.

Societe Generale is rolling out TagPay to its African subsidiaries in Senegal, Ivory Coast, and several countries in the Sub-Sahara region, according to a company press release.

The company said TagPay is a banking system built around the mobile phone, whether it's a feature phone or smartphone. 

Societe Generale's press release provided few details for TagPay other than to say it hopes to use the system to develop mobile banking in Africa.