On The Money - In Brief
- South Africa’s Blue Label Telecoms announced promising results since the company got listed at the stock exchange. Blue Label activities are based on electronic transactions and began with the sale of cellphone airtime through150,000 terminals. It is now using that distribution base to expand into prepaid electricity, water and insurance policies, the sale of bus and train tickets, and bill payments.
Blue Label is 12% owned by Microsoft, which has also bought 38.85% of Oxigen Services India, the company that gave Blue Label its entry point into India. Blue Label has R1,7bn in cash for future acquisitions.
- Mobile phone service provider, Safaricom, is set to introduce its electronic money transfer service, M-Pesa, between Kenya and UK, the company's chief executive has said. “A number of options are being considered for the service, including use of a banking channel or setting up an M-Pesa service in UK," Michael Joseph said.