Aug 28, 2023

Bank of Zambia Approves Visa Card Transactions on Kazang POS Devices, a Subsidiary of SPENN Technology A/S

Investor News 23/11

SPENN Technology A/S, a leader in financial technology innovation, is thrilled to announce that its subsidiary, Kazang Zambia, has received approval from the Bank of Zambia to acquire Visa card transactions on Kazang Point of Sale (POS) devices. This groundbreaking development marks a monumental milestone for both Kazang and SPENN, granting them a formidable competitive advantage in the market. SPENN, which owns 60% of Kazang, underlines that a positive development for Kazang also signifies a positive development for SPENN.

Kazang Zambia, which processes more than 6 million transactions per month, or approximately 200,000 transactions daily, operates a total of 25,000 EMV compliant devices, with 15,000 of these devices being actively used daily throughout Zambia. Notably, 80% of these devices are located in non-traditional retail environments, such as small to medium-sized enterprises (SMEs) that already use Kazang Point of Sale machines to sell Value Added Services (VAS) and act as Bank and Mobile Money Agents (BAMMA). These agents/retailers, which include grocery stores, salons, pubs, and others, supplement their traditional business income by providing these services.

Traditional banks have overlooked these retailers, as they do not process enough card transactions to justify the cost of the banks’ card machines. However, the Kazang POS devices now enable them to accept card payments, which have surged by 46% year-on-year, according to the Bank of Zambia (

Currently, Zambia has 41,000 POS devices across all its banks, with the 15,000 actively used terminals operated by Kazang representing a significant portion of this total. With 12 years of operational experience in Zambia, Kazang is not only the largest payments aggregator in the nation but also has the expertise and knowledge to manage a card acquiring business.

This initiative aligns with Zambia’s ambition to digitize its economy and transition to a “cashless” society, thereby enabling more Zambians to access traditional banking products. This development taps into a previously underserved segment of the Zambian economy.

Moreover, this development complements the existing partnership SPENN has with Mastercard to integrate digital Mastercards into all SPENN accounts in Zambia. This robust positioning underscores the growth of Kazang, a pivotal division of the SPENN group. The strategic acquisition of Kazang by SPENN Technology has not only led to a remarkable revenue increase but also fortified the broader group’s financial performance by enabling the amplified deployment of new POS machines.

Currently, Kazang generates a monthly turnover of approximately USD 1,900,000, resulting in a gross profit of approximately USD 360,000 without Visa acquiring. With the introduction of Visa acquiring, the gross profit is expected to increase by approximately USD 100,000 per month for every 5,000 devices that acquire Visa cards. This translates to an expected total increase in gross profit of USD 300,000 over a rollout period of five months. This substantial increase underlines the transformative potential of this initiative for both Kazang and its merchant partners.

Kazang is also planning to roll out an additional 15,000 devices in the coming year, enhancing its market presence and service delivery.

CEO Jens Glaso comments, “We are making significant strides towards revolutionizing the financial landscape in Zambia. The successful acquisition and integration of Kazang, coupled with the substantial increase in deploying new POS machines, provide us with a robust foundation for future growth.”

Leon de Wit, CEO of Kazang, expresses, “This is a monumental moment not only for Kazang but for the entire nation of Zambia. The authorization to process Visa transactions on our POS devices signifies one of the largest Visa acquiring rollouts in Zambia’s history. It underscores our commitment to democratizing access to vital financial services and propelling the digital transformation of the entire country. We are not merely participating in this transformation; we are leading it.”

Certified Adviser

Company’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000.

For further Information, please contact:

Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]

SPENN Technology A/S

CVR nr.: 26518199

Njalsgade 76, 4.

2300 København S

Tel: +45 8830 0000

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN


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