Telkom to offer financial services

File: Telkom will offer business loans and digital wallet services.

File: Telkom will offer business loans and digital wallet services.

Getty/Nadine Hutton

JOHANNESBURG - Telkom is entering the financial services market.

It's targetting over 11 million South Africans who do not have bank accounts.

Its fixed-line service will remain the core of the business.

READ: Telkom profits down 66%

That business currently contributes over 20 percent of the group's revenue.

In 2013, it contributed over 50 percent.

The partly state-owned enterprise will offer business loans and digital wallet services.

A few weeks ago, Telkom transformed its 70-year-old Yellow Pages business into an online marketplace targeting SMEs which it named Yep.

Source
eNCA