LONDON (ShareCast) - (Sharecast News) - Cambria Africa announced on Thursday that Payserv Africa and Paynet Zimbabwe 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.
The AIM-traded firm said Payserv Africa and Paynet Zimbabwe, both subsidiaries of Cambria Africa, were seeking damages of $100m.

"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," the board explained in its statement.

"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."

Cambria Africa said it would update the market on material developments in due course.

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