On The Money - In Brief

Mergers, Acquisitions and Financial Results

- Posta Uganda, one of the country's last remaining parastatals, is set to partner with a local telecom firm in a new mobile money transfer service along the lines of Kenya's M-Pesa. Posta Uganda will also set up tele-centres in at least 20 of its outlets courtesy of a $300,000 grant from the World Bank through the Uganda Communications Commission.

- Celtel Tanzania is demanding Sh141 million from its former employee who allegedly swindled the money from the company through fraudulent airtime dealings.

The employee, Ramadhani Bukini, was working as a customer care representative with Celtel Tanzania since April 2006. His duties involved crediting and debiting airtime. In a pending suit in the High Court, he is said to have illegally credited airtime worth Sh213 million before the company discovered and blocked the alleged fraudulent transactions.

- Telkom South Africa’s speculative talks to sell its fixed-line assets to black-empowered investment house Mvelaphanda have been scrapped, with the two parties agreeing to postpone discussions until the financial markets are no longer in turmoil.