African Lakes sells its subsidiary ATL

2004

AFRICAN Lakes Corporation disposed of African Lakes Technologies (ALT), its online financial transactions operating in Zimbabwe and Kenya. Officials of the corporation said the decision to sell off the subsidiary was motivated by the need to conserve capital, and was part of its commitment to focus on the Internet as its core business.

Speaking on behalf of the purchasers, the group's managing director, Bernard Matthewman, disclosed that the two businesses would be re-branded paynet Kenya Limited and paynet Zimbabwe Limited, after the group's paynet service.

"paynet is seen to represent the best of e-banking and e-business because the banks and their customers have benefited from using the service. It is on the very strong attributes of this brand that we are delighted to build the image of the two companies," Matthewman said

The group's e-finance solutions, spearheaded by the paynet service, would continue in the same manner as before and remain the primary offering of the two businesses. A combination of increased focus, further strategic support and a stronger financial base would continue to develop the business forward.

The company would focus on providing electronic banking services, and was active in ongoing support and roll out on behalf of partner banks.

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