Two Bulgarian companies seek licence to handle postal money orders

Local companies Factor I.N. and Easypay have applied before Bulgaria’s Communications Regulation Commission (CRC) for licences to operate as providers of postal money order services.
Factor I.N. is 52%-owned by Iliyan Naskov, a former parliamentary secretary of the regional development minister, with 40% held by Kiril Dobrev, son of former interior minister Nikolai Dobrev.
Easypay is a subsidiary of software firm Datamax. The company intends to partner with Bulgarian Posts and offer services through the office of the state-owned postal operator, said Easypay manager Bozhidar Grigorov. The company will seek partnerships with banks and commercial chains as well, said the official.
The CRC did not specify the term of validity of the licence that will be issued to Factor I.N.
In 2004, the regulator granted a 20-year licence to Targovishte-based Finance Engineering to handle postal money orders against a one-off charge of 20,000 levs in what was the first move towards the deregulation of the domestic market for universal postal services dominated so far by Bulgarian Posts.
Finance Engineering, 87.5%-owned by U.S. company Traders International, said it has already opened 18 offices.
CRC data for 2004 shows that Bulgarian Posts managed to squeeze only a marginal increase in revenues from postal money orders while the income from universal postal services jumped by 20%.