Altech targets big mobile money play
JSE-listed Allied Technologies Limited (Altech) aims to be a more proactive player in the mobile money space through its Altech Eyenza Mobile Money service, which forms part of a four pillar strategy to see the group turn its business around.
Altech would take on listed ICT firm Blue Label Telecoms, and mobile operators who also offer e-wallets.
The Eyenza site is already live with products, including prepaid airtime, prepaid electricity, and prepaid data. Future products include prepaid lotto, prepaid medical aid, prepaid TV, loyalty rewards, and prepaid fixed-line.
Altech pointed to affiliates who have partnered with the group including Eskom, City Power, Cell C, MTN, Vodacom, Virgin Mobile, and Telkom.
“In the next financial year Altech Eyenza Mobile Money will launch an optional card coupled to its e-Wallet to attract new customers into the electronic transacting environment. This will become part of a longer term strategy to create a direct consumer interface for Altech Eyenza Mobile Money.”
“Of strategic importance in this division was Altech’s ability to increase its presence in the payment industry, positioning the group as a significant player in this field,” Altech said.
Group CEO, Craig Venter said that the service was bank agnostic.
In April, Altech reported heavy losses for year ended February 2013, mostly as a result of its failed ventures in East and West Africa, which the group has by and large been able to dispose of.
Venter indicated that Altech’s aim was to substantially increase group revenue within five years through four strategic pillars, namely: Insurance Telematics; Converged Services; its partnership with Huawei; and payment transactions through its new Eyenza Mobile Money service.
“Projects that have been launched during the year include insurance telematics solutions, the development of secure digital content devices, new payment instruments and solutions using e-Wallets and microfinancing opportunities,” Altech said.
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