Mobile payment solutions company eServGlobal (ESV) is the second best performer on the Uncapped 100 after the stock jumped to a 2½-year high ahead of its full-year result.
The market is anticipating a bullish update from management regarding its HomeSend product, which was highlighted in our Friday article, and this pushed the stock 9.3% higher to 76.5 cents ahead of the market close.
The soft launch of HomeSend, which allows mobile phone users to transfer funds internationally to another mobile phone, has gone very well – this is particularly so for the Kenyan market. The chief executive of eServGlobal, Paolo Montessori, told Eureka Report that Kenyans working in the United Kingdom sent £1 million back home in October using HomeSend.
HomeSend is available in 51 different countries and can reach 1.2 billion people. Montessori is hopeful that HomeSend will be as profitable, if not more, than eServGlobal’s core business that allows mobile phone operators to provide domestic payment and financial services offerings to their customers.
eServGlobal is expected to post its full-year result ended October 31 over the next day or two.