Paynet and Payserv Sue BAZ for US $100 million

RNS Number : 4761E

Cambria Africa PLC

04 July 2019

 

Cambria Africa Plc

("Cambria" or "the Company")

Paynet and Payserv Sue BAZ for US $100 million

Cambria announces that further to its announcement of 12 June, Payserv Africa Limited and Paynet Zimbabwe (Pvt) Ltd have instructed their legal practitioners in Zimbabwe, Titan Law, to commence legal action against the Bankers Association of Zimbabwe (BAZ) and related parties for anti-competitive practices seeking damages of US $100 million. Payserv Africa and Paynet Zimbabwe are subsidiaries of Cambria.

Payserv Africa and Paynet Zimbabwe continue to engage individually with suspended banks on the Paynet platform as well as the Reserve Bank of Zimbabwe to find a solution to an impasse which has resulted in the suspension of services. Cambria believes this has exposed the banking sector to significant security and privacy risks. It understands banks are currently managing payments using manual spreadsheets sent by email and flash drives - much of this information is unencrypted or insufficiently encrypted.

The Company will update the market on material developments in due course.

Contacts
Cambria Africa Plc:	www.cambriaafrica.com
Samir Shasha	+44 (0)  20 3287 8814
WH Ireland Limited:	www.wh-ireland.co.uk
James Joyce / Matthew Chan	[phone]

 

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