Founded 2001, listed on JSE (2007)

2012 revenue: R18 billion

Employees: 1 216

Headquarters: Johannesburg – offices throughout South Africa

Operations: South Africa, India, Mexico, U.K.

Points-of-presence: In excess of 15O 000 in South Africa

Transactions: ±400 million separate monthly transactions

Business model

• The high volume distribution and sale of e-tokens of value and complementary services leveraging off a favourable working capital cycle.

Target market

• Focused on serving the total domestic market, in particular unbanked or badly banked consumers, both locally and internationally.

Revenue share

Revenue streams from three income pillars

Trading revenue from the sale of commodities

As a super distributor of virtual and physical prepaid airtime on behalf of the network operators, as well as electricity on behalf of the utilities.

Economic slowdowns have seen many postpaid consumers migrate toward prepaid in order to enhance their financial flexibility and control their airtime spend. In general, prepaid consumers are purchasing airtime in lower denominations while also benefiting from the variable call discounts recently introduced by the major mobile networks.

The group distributes and activates starter packs, earning a rebate (activation bonus) on each successful activation.

Revenue from annuities

The group earns ongoing annuity revenue for the life of each starter pack and has successfully introduced loyalty programmes to decrease the churn on its starter pack base.

The group earns annuity revenue from its subscription-based businesses and customer retention remains a key focus.

Launching additional product and service offerings to new and existing subscriber bases enhances annuity revenue.

Interest income

The group’s high volumes coupled with its favourable trading terms, generate significant cash from operating activities.