Multi-Pay Solutions granted exclusive Paynet software rights

London Stock Exchange

MULTINATIONAL investment firm Cambria Africa, whose stocks remain suspended on the London Stock Exchange, has granted Multi-Pay Solutions exclusive rights to use, distribute and operate Paynet software in the Southern African Development Community (Sadc) region. Payserv Africa, according to a shareholder update released this week, will continue to operate Paynet outside the Sadc region.

“Further to the investment update of 27 October 2022, and in keeping with its strategy to maximise realisable NAV (net asset value) at the holding level, Cambria Africa plc, has in principle agreed to grant Multi-Pay Solutions (Pvt) Ltd exclusive rights to use, distribute and operate Paynet software in the Southern African Development Community,” the update read in part.

Paynet is a multi-currency payment solution that has been trusted for over two decades to streamline secure and efficient interbank or intra-bank bulk payment and gross settlement transactions.

Commenting on the proposed exclusive arrangement, Multi-Pay Solutions managing director Frances Pickering 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 chief executive officer Samir Shasha said the proposal, if finalised, would be an important step in “our efforts to realise the value of our proprietary software and align well with our ongoing strategic shift.”

“Multi-Pay, by leveraging on 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.”

The report indicated that Cambria was in the process of active fixed asset realisation and was concluding the sale of its interest in Radar Limited.  The company has so far recovered about US$400 000 in legacy debts at the holding level.

The company was suspended from the London bourse for failing to provide audited results for the year ended August 31, 2022 as trading regulations dictate.

It was required to publish its annual audited accounts by February 28, 2023, but did not do so, leading to a temporary suspension of trading on the international bourse until audited results are released and distributed to its shareholders.

This was not the first time for the company’s securities to be suspended on the London bourse for failing to publish audited results. It was previously suspended on June 1, 2021.

The Payserv Group is the country’s leading provider of payments and business process outsourcing services targeted at financial and related sectors. The group comprises four business units, Paynet Zimbabwe, AutoPay, Loanserv and Softserv.

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