In the hotly contested telecommunications sector, characterised by data price wars and declining voice call revenue, businesses are having to diversify their income streams. For South Africa's telecoms companies, financial services and banking look likely to plug the hole left by falling prices. And that could be the reason why MTN Group has hired banking and financial services executives. However, Peter Takaendesa, a portfolio manager at Mergence, said that was not necessarily the main purpose. "The company strategy to grow into digital services means financial services will clearly be part of their target markets for growth." But, he said, the recent executive appointments were primarily to cover the gaps created by resignations over the past 12 months. MTN recently hired Stephen van Coller, formerly CEO of corporate and investment banking at Barclays Africa, to be group vice-president of strategy, mergers and acquisitions. Ralph Mupita, the CEO of Old Mutual Emerging Markets, wil...
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