Nov 27, 2023

SPENN Technology A/S Announces Exciting New Partnership Between Kazang Zambia and Woolworths Zambia

SPENN Technology A/S proudly announces that Kazang Zambia which is owned 60% by SPENN Technology A/S has entered a partnership between Kazang Zambia, Zambia’s leading point of sale (POS) terminal network, and Woolworths Zambia, a major retail chain. This collaboration marks a significant step towards a cashless economy in Zambia, aligning perfectly with the Bank of Zambia’s “Go Cashless” campaign.

Investor News 15/23

Through this partnership, customers can now experience the ease of cashless transactions at any Woolworths store in Zambia, using a range of mobile money services including Mtn, Airtel, Zamtel, and SPENN. This initiative is a testament to our commitment to driving financial inclusion and digital financial services across the country.

Woolworths, with its expansive international presence including operations in Zambia, reported an annual revenue of USD 4.6 billion in 2022 for its South African operations. This collaboration is set to unlock synergies between Woolworths and Kazang Zambia, leveraging Kazang Zambia and SPENN`s expansive reach, processing US$525 million in annual transactions across 75 towns.

This strategic alliance is expected to significantly contribute to the growth of Kazang Zambia, in which SPENN holds a 60% stake, aligning with the interests of shareholders in both Woolworths and our company.

According to a FinScope Survey of 2020, digital financial services, more specifically mobile money, was the major contributor to the increased financial inclusion in Zambia.

The survey also showed that the overall financial inclusion of the adult population increased to 69.4 percent, from 59.3 percent in 2015. Kazang Zambia and SPENN has been a major contributor to this growth.

According to Kazang Zambia Managing Director, Leon de Wit, the fintech company’s aim is to grow its agent network to 30,000 within the next 2 years and within this time increase its revenues, profits and footprint in the Zambian market.

For media inquiries or further information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50

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

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

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 and on OTCQX in USA. 

Ticker codes:

Europe – Nasdaq First North: SPENN

USA – OTCQX: SPNNF

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