• Caught in the debt trap?

    Help us help you by taking our second annual Debt survey and you could win R3 000.

  • Rich man, poor man

    Culture change from below is the only way to overcome poverty, says Leopold Scholtz.

  • Tech bubble talk

    After the tech euphoria of 2013, the fast-moving sector has hit a speed bump.

Data provided by McGregor BFA
All data is delayed
Loading...
See More

Altech buys mobile money firm

Aug 24 2011 08:01 I-Net Bridge

Related Articles

Altech sticks to global strategy

Altech posts lower profit

Hedberg heads to Altech

Altech units get BEE partner

Netstar wins anti-trust appeal

Altech acquires software vendor

 
Johannesburg - Allied Technologies [JSE:ALT] has acquired 100% of the equity in Eyenza Mobile Money.

Eyenza Mobile Money is a wallet-based system whereby a deposit is made into a central pool account after the user has registered and a wallet is created and linked to the user's MSISDN number. The user can then transact to the value of the deposit (funds in their wallet).

Commenting on the acquisition, Altech CEO Craig Venter said the group had long identified the need to become involved in this rapidly growing area in the mobile payments market, but it has taken time to identify what it believes is a suitable point of entry.

"Eyenza's offering is unique as it can offer very competitive prices on its services due to its low cost structure and convenience factor. Currently, the unbanked population of South Africa has large monetary and inconvenience costs associated with transferring money to family members, paying of bills and purchasing pre-paid products. This service is set to change that," he said.

Eyenza is not affiliated to any mobile or banking brand so it does not require an existing registered bank account and can be directly marketed to the unbanked.

Services currently offered include prepaid airtime, prepaid electricity, third party payment services (for example, clothing accounts) and making transfers to other account holders.


allied technologies
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Keep cops out of politics, Icasa hears

The SAPS should not be drawn into politics because it is a statutory institution, Icasa's complaints and compliance committee has heard.

 
 

Latest elections multimedia

Watch what happened when we blindfolded Helen Zille and asked her to eat random things
13 days to elections - news you need to know
11 Julius Malema quotes you'll never forget
DA won't get 30% - Zille

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...