Paynet update - suspension of services to banks

RNS Number : 9742B

Cambria Africa PLC

12 June 2019

 

Cambria Africa Plc

("Cambria" or "the Company")

Paynet update - suspension of services to banks

The Company notes media speculation in Zimbabwe and confirms it has taken the decision to temporarily suspend its Paynet services to its banking clients in Zimbabwe.

It has taken this decision as it seeks to protect its contractual position with those clients to receive its payments for its Paynet software platform in US dollars as it is concerned as a result of the devaluation of the local Zimbabwean dollar it will renege on the contractual position.

The banks have deferred to its banking body, the Interbank Operations Committee ('IOC'). As the IOC has to date not provided sufficient confirmations to the satisfaction of the Company, the Company has taken this action.

The Company will provide a further update in due course.

For further information, please contact:

Cambria Africa Plc:		www.cambriaafrica.com
Samir Shasha		[phone]
WH Ireland Limited:		www.wh-ireland.co.uk
James Joyce / Matthew Chan		[phone]

 

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