Money News in Brief

Mergers, Acquisitions and Financial Results

- Telkom Kenya has entered into a partnership with electronic payments provider Pesapal to enable its customers make online top-ups. The deal will enable Orange users buy airtime through its competitors' money transfer services such as M-Pesa, yuCash and Airtel Money as well as through credit and debit cards.

- Lebanon’s Telecommunications Minister Nicolas Sehnaoui announced on Thursday that the Cabinet had agreed to release a long-delayed USD1.2 billion tranche of funding set aside for municipalities’ development, which represents the regions’ portion of state telecoms revenue. Local newspaper The Daily Star reports that the minister accused successive governments in 2000-2010 of withholding the funds to balance budgets. Under law, 10% of state telecoms revenues goes to municipalities. The state’s proceeds from combined fixed and mobile network services are roughly estimated at more than USD1.2 billion annually.