Money News – In Brief

Mergers, Acquisitions and Financial Results

- Western Union's mobile money transfer service will be introduced in 18 countries where mobile telecommunications firm Etisalat operates following an agreement between the two companies. The agreement will enable subscribers to Etisalat, which operates in Asia, the Middle East and Africa, to send and receive Western Union money transfer transactions using their mobile 'wallets', or accounts tied to their mobile phones.

- Gambia’s Trust Bank Limited (TBL) launched its newest service called the 'electronic bill payment system'. The Trust Bank electronic bill payment system will make it possible for customers to make payments of their utilities bills, school fees, local authority bills, among other things through any of its 15 branches in the country.

A new law to regulate mobile banking in Tanzania is in the pipeline as part of efforts by the government to enhance compliance in the business.

Egyptian cellco MobiNil has revealed that it lost between EGP80 million and EGP100 million (USD14 million and USD17 million) during the recent protests which saw former president Hosni Mubarak fall from power. ‘The mentioned losses ... are due to breakage and destruction of mobile stations and some of the company's shops, and delays in internet services and short message service,’ the operator said in a statement to the stock exchange.

Reuters is reporting that Orange Tunisia may gain a new majority shareholder, following rumours that the incoming government is considering nationalising the 51% held by Investec, owned by Marwan Mabrouk, the son-in-law of former president Ben Ali. Tunisia's cabinet supposedly approved a draft decree on 25 February to seize the assets of the former president and his family. It is also thought possible that France Telecom could be given the opportunity to buy Investec’s stake.

South Africa’s Vox Telecom has renewed a cautionary notice to shareholders for a fifth time, warning it is in talks that could affect its share price.  Though Vox management won’t say what the talks are about, it is widely speculated that the AltX-listed company is hoping to buy out minority shareholders and delist from the stock exchange.