Cambria Africa grants Multi-Pay exclusive rights for payment solution

By Alliance News

Cambria Africa PLC on Tuesday said it has agreed to grant Multi-Pay Solutions (Pvt) Ltd exclusive rights to use, distribute, and operate Paynet Software in the Southern African Development Community 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,” the Zimbabwe-focused investment company explained.

It added that it will provide further updates on the progress of this strategic partnership when appropriate.

Cambria’s Chief Executive Samir Shasha said: ‘This proposal, if finalised, would be an important step in our efforts to realise 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.'”

In February, Cambria said it will not be in a position to release audited results for the year ended August 31 by February 28. Its shares therefore were suspended from March 1, and will remain suspended until the results are published and sent to shareholders.