Warsaw (Puls Biznesu) – The network of 150 outlets which plans an IPO in the future, will no longer focus on credits. Small payments are the priority now.
Kantor Polski, a network of financial services, changes its strategy. When it launched operations at the beginning of last year, it planned to offer not only currency exchange, small payments and international transfers but also cash, car and mortgage credits.
“It turned out that giving credits is a highly specialized and time consuming service. The majority of exchange tubes feared that they would lose their clients who are used to quick currency transactions. That’s why we are changing our strategy. International transfers and mass payments are the priority now”, Monika Lada, Kantor Polski member of the board.
The company cooperates with Western Union as far as international transfers are concerned.
“Kantor Polski generates 6,000 Western Union transaction monthly. They are worth nearly PLN 7m (EUR 1.8). There are about 28,000 energy, gas or flat payments every month”, Monika Lada said.
In comparison to last year, the company has tripled small payments and doubled international Money transfers. The company still offers cash credits of CitiFinancial, Getin Bank or mBank but they are not its priority any longer.
“We want to sell simple cash products because it’s more like the operations of exchange tubes. We have developed the offer with pre-paid cards or gift cards sales as well as buying traveler’s cheques”, Monika Lada added.
The owners of Kantor Polski, 22 people and listed Gant want the company to have an IPO but probably not next year. In 2005 and in the first half of 2006, the company had losses. It has been profitable since the middle of this year and should get out of the red in the middle of 2007.
(PLN 1 = EUR 0.261)