SPENN Technology buys 60% stake in Zambia's Kazang

SPENN Technology, a leader in driving financial inclusion through blockchain technology, has recently acquired a 60% stake in Kazang Zambia Limited, solidifying its position as the largest cash in and cash out distributor in Zambia. Jens Glaso, Chief Executive Officer of SPENN Technology, shared insights on the acquisition and the company's strategic plans moving forward. The initial valuation of the acquisition stood at around $10 million, with SPENN issuing approximately 10,500,000 shares as part of the deal. This move has propelled SPENN to the forefront of the Zambian market with access to 12,000 agents, further enhancing its distribution capabilities. By combining forces with Kazang, SPENN aims to leverage the innovative systems developed by Kazang to expand into new markets like Rwanda and Tanzania. The strategic acquisition not only strengthens SPENN's foothold in Zambia but also sets the stage for broader expansion throughout Africa. SPENN's unique offering as a crypto token tied to national currencies presents a forward-thinking approach to financial services, aligning with the growing trend towards cryptocurrency adoption. With a focus on driving financial inclusivity, SPENN is well-positioned to navigate the evolving landscape of traditional banking and offer accessible solutions to individuals and businesses alike. Through strategic partnerships with leading banks like I&M in Rwanda and Tanzania, as well as XS Bank in Africa, SPENN is poised to make a significant impact in markets across the continent. The company's founder envisions a global brand, with plans to expand into multiple markets in Africa and beyond, leveraging its innovative product offerings and strong partnerships to drive sustainable growth and foster financial empowerment.