REG - Cambria Africa PLC - Proposed Paynet Software Agreement

Cambria AfricaAnnouncement

11/07/2023 15:30

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RNS Number : 6933F  Cambria Africa PLC  11 July 2023

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
 Cambria Africa Plc                               www.cambriaafrica.com (http://www.cambriaafrica.com/)
 Samir Shasha                                     +44 (0)20 3287 8814

 WH Ireland Limited
 James Joyce / Sarah Mather                       +44 (0) 20 7220 1666

 Multi-Pay Solutions (Pvt) Ltd (Zimbabwe)         www.multi-paysolutions.com

 Frances Pickering                                +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.

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