Money – In Brief
- The growing use of plastic money has attracted the two major payments solutions companies, Visa International and Mastercard to set up base in Kenya. Visa International has announced plans to open a new regional headquarter in Kenya to serve the Sub-Saharan region which is expected to be operational in June. Last week Central Bank confirmed that MasterCard, Visa's main competitor has also applied to set up a base in the country.
- JSE-listed Allied Technologies (Atlech) may be restructuring to better align its 36 operating entities in the future, incoming COO Jeffrey Hedberg has hinted. Altech's appointment of Hedberg will aid the company to double revenue to around R20 billion in the next three to five years as the company will embark on an aggressive acquisitive strategy, says CEO Craig Venter.
- Mobile phone operator Econet Wireless Zimbabwe registered a 25 percent growth in after-tax profits to US$141 million for the year ended February 28, 2011. After-tax profits increased to US$141 million from US$113 million for the previous year as its capital investments and new products bore fruit.