Telkom has branched into the competitive space of financial services by launching a life insurance business that it said will initially sell funeral insurance.
Partly state-owned Telkom has been diversifying its income streams beyond the fixed-line business, which now contributes just over 20% to group revenue, up from 56% in 2013.In a Sunday Times newspaper ad, Telkom said it will also offer business loans and soon launch a digital wallet service for customers to buy products and pay for services via its Yep! app as well as other online transacting platforms.
The battle to capture South Africa's unbanked is intensifying among mobile operators after biggest mobile operator by subscribers MTN Group re-launched its mobile money app in South Africa in February and has been building the platform to include online shopping payments and micro loans. In July Vodacom Group announced plans to create a 'super app' in partnership with digital payment provider Alipay, part of China's Alibaba group, to allow consumers in South Africa to shop online, pay bills and send money to family from next year.
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