Last checked at 11 Jul 2023 15:29
Cambria Africa plc
("Cambria" or the "Company")
Paynet Software Agreement proposed to Multi-Pay Solutions (Pvt) Ltd
(Multi-Pay)
Further to the Investment Update of 27 October 2022, and in keeping with its strategy to maximize realizable NAV at the holding level, Cambria Africa plc (AIM:CMB) ("Cambria" or the "Company"), has in principle agreed to grant Multi-Pay Solutions (Pvt) Ltd (Multi-Pay Solutions) exclusive rights to use, distribute, and operate Paynet Software in the Southern African Development Community (SADC). Payserv Africa will continue to operate Paynet outside of the SADC region.
Paynet Software is a multi-currency payment solution that has been trusted for over two decades to streamline secure and efficient interbank/intrabank (onus/offus) bulk payment and gross settlement transactions.
Commenting on the proposed exclusive arrangement, Frances Pickering, Managing Director of Multi-Pay Solutions, stated, "With independent management and control, Multi-Pay will build on a proven and tested platform, offering a unique and reliable opportunity for our partners in the banking industry."
Cambria's CEO, Samir Shasha, commented, 'This proposal, if finalized, would be an important step in our efforts to realize the value of our proprietary software and aligns well with our ongoing strategic shift. Multi-Pay, by leveraging its extensive fintech experience and market knowledge, is uniquely positioned to distribute and operate the Paynet Software, driving substantial benefits to financial institutions and consumers alike.'"
Cambria is in the process of active fixed asset realization. As previously announced, Cambria is concluding the sale of its interest in Radar Limited. Since October, the Company has recovered about $400,000 in Legacy Debts at the holding level. The Company is yet to release its audited full-year results as of 31 August 2022 and management's half-year results as of 28 February.
Cambria will provide further updates on the progress of this strategic partnership as and when appropriate.
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Contacts |
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Cambria Africa Plc | www.cambriaafrica.com |
Samir Shasha | +44 (0)20 3287 8814 |
WH Ireland Limited | |
James Joyce / Sarah Mather
Multi-Pay Solutions (Pvt) Ltd (Zimbabwe)
Frances Pickering | +44 (0) 20 7220 1666
www.multi-paysolutions.com
+263-772-311-433 |
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About Cambria Africa plc:
Cambria Africa plc manages investments focused on Zimbabwe. It is currently working towards maximizing its realizable net asset value to shareholders.
About Payserv Africa Limited (Mauritius):
Payserv Africa Limited, based in Mauritius, owns the intellectual property of Paynet Software, a bulk payment and gross settlement software which was successfully deployed by nearly all financial institutions in Zimbabwe.
About Multi-Pay Solutions (Pvt) Ltd:
Multi-Pay Solutions (Pvt) Ltd is a Zimbabwe-based company providing payment services to financial institutions in Zimbabwe. The company has made inroads in Zambia and elsewhere in the SADC region with its software offerings. Multi-Pay anticipates consolidating these inroads with the addition of Paynet Software to its product offerings.