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Regulatory Story
Company Cambria Africa PLC
TIDM CMB
Headline Paynet and Payserv Sue BAZ for US $100 million
Released 07:00 04-Jul-2019
Number 4761E07

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

+44 (0) 207 220 1666

 


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