By Alois Vinga
LONG term active investment company, Cambria Africa Plc has given Multi-Pay Solutions the green light to operate and distribute Paynet Software within the Southern Africa Development Community (SADC) region.
Cambria Africa plc is a long-term, active investment company, building a portfolio of investments primarily in Zimbabwe with the company not having a particular sectoral focus.
Its key objective is building a portfolio of companies that are well-positioned to benefit from Zimbabwe’s economic growth and the formalization and modernization of Zimbabwe’s economy.
The company said 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.
Cambria’s CEO Samir Shasha said the development will go a long way for the firm to realize its proprietary software value.
“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,” he said.
The Zimbabwe-focused company believes there are vast opportunities within the Southern African nation amid plans to continue searching for appropriate value-creating acquisition opportunities primarily through the use of equity subscriptions.
The company’s investments in Zimbabwe including the Payserv Group and Millchem, were suspended from the London bourse for failing to provide audited results for the year ended August 31, 2022, as per trading regulations requirements.
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