Sep 6, 2021

Signing of MoU with Zambia National Marketers Credit Association for onboarding of and providing payment services to their 6 million existing members through the SPENN platform

Company Announcement 60

SPENN Technology A/S subsidiary SPENN Zambia Ltd has signed a memorandum of understanding with The Zambia National Marketers Credit Association (Zanamaca) for the inclusion of Zanamaca’s six million members on the SPENN platform.

The MoU entered into between Spenn Zambia Ltd and Zanamaca states that “Zanamaca shall ensure that more than six million people including Zanamaca’s members are registered on the SPENN Platform, while SPENN shall assist Zanamaca in registering these members on the TPIN Zambia Revenue Authority Platform for the purpose of payment of Base Tax and Social Security contribution under Zambia Revenue Authority and National Pension Scheme Authority respectively.”

President of Zanamaca, Mupila Kameya, says digital financial services are important to “free and save the six million informal sector operators – particularly marketers, traders, small-scale farmers, the bus and taxi drivers who are financially entrapped and enslaved in their own country.”

Zanamaca’s functions include among others, organizing and advancing the interests and welfare of marketers and traders as they contribute to national development.

The partnership with SPENN will provide such informal market operators with a way to pay levies to local authorities, which will ensure them social security and pension.

“The introduction of a the digital and mobile SPENN platform will enhance levy collection, which today is primarily based on cash payments. We provide a product that six million Zanamaca members will want to have,” says Jens Glasø, CEO of SPENN Technology A/S.

The MoU represents a milestone deal for SPENN, which currently has 450,000 users in Zambia.

“A Zanamaca deal allows SPENN to accelerate roll-out in Zambia and multiply the number of users within a short period of time,” says Glasø.

It is the intention of the parties to enter into a full agreement during a 6-week period, and for this agreement to be immediately disclosed to the market.

SPENN Technology A/S:
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com

For more information, please contact:
Jens Glasø, CEO of SPENN Technology A/S, Phone +47 404 04 750, www.spenn.com 

Certified Advisor: Baker Tilly Corporate Finance P/S, Att: Gert Mortensen, Partner, Phone: +45 33 45 10 00, www.bakertilly.dk

 

About SPENN Technology A/S

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.

Following the purchase of Norwegian fintech company Blockbonds AS, SPENN Technology A/S is in what is referred to as a change of identity process. As such, we are required by Nasdaq to note that failure to conclude such process could mean that the company’s share could be de-listed.

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

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