African financial institutions often leverage a combination of local and foreign technology solutions to scale their operations. Appzone stands out as a leading local fintech software provider for banks and fintechs, offering competitive pricing and flexibility.
For more than a decade, Nigeria-based Appzone has been a key player in enabling banking and payment infrastructure by developing custom software and software-as-a-service products for over 18 commercial banks and 450+ microfinance banks across Africa, including countries like Ghana and Kenya.
In 2022, the fintech firm, co-founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, embarked on a self-innovation journey by integrating blockchain technology with legacy banking and payment systems. This led to a rebranding to Zone, a licensed blockchain-enabled payment infrastructure company. It also spun off its original banking-as-a-service business into a separate entity called Qore. Today, Zone, with its blockchain network facilitating payments and digital currency acceptance, announced a successful $8.5 million seed funding round.
Zone’s approach revolves around developing an interoperable payment infrastructure in Africa using blockchain technology to facilitate seamless transaction flow between banks and fintech companies, eliminating the need for intermediaries.
CEO Obi Emetarom highlighted that Zone is Africa’s first regulated blockchain network for payments, with over 15 major banks on board. The platform is currently handling domestic transactions for seven banks through various channels like ATMs, with more banks in the pipeline undergoing implementation processes.
Before its launch, Zone secured a switching license from the Central Bank of Nigeria, tapping into the country’s central switch managed by the Nigeria Inter-Bank Settlement System. This collaboration strengthens Zone’s position in providing seamless fund transfer switching and exploring additional payment channels like POS transactions.
Zone’s vision is to empower banks and fintechs to streamline payment processes similar to successful platforms like OPay and Moniepoint without the need for complex integrations. By offering a licensed switch and direct connections to financial entities, Zone ensures compliance with regulatory standards while enhancing transaction reliability and scalability.
The Zone team
Zone’s blockchain technology also offers promising applications beyond payment processing, such as instant settlement and automated reconciliation, promising a more efficient and transparent financial ecosystem.
Moreover, Zone’s innovative approach aims to address challenges like settlement delays for merchants and lengthy reconciliation processes for failed transactions, enhancing overall operational efficiency and customer experience.
Investors like Flourish Ventures and TLcom Capital recognize the potential of Zone’s technology to revolutionize payment systems across Africa, leading to quicker transactions, enhanced reliability, and cost efficiency. This support will help Zone expand its network coverage and introduce new functionalities, benefiting both fintechs and banks in the region.
By enabling direct communication within the payment ecosystem, Zone is poised to set a new standard for payment reliability and efficiency in Africa and potentially beyond, backed by the expertise of its founders and regulatory compliance, paving the way for future advancements in the sector.
