Appzone, one of Africa’s leading Fintech software providers, has changed its name to “Zone”, a regulated blockchain payment infrastructure company. By building Africa’s first Layer 1 blockchain network, Zone will enable payments and digital currency acceptance for financial service providers globally. Zone’s regulated blockchain network enables direct transactions to flow between financial service providers without an intermediary, reducing transaction costs, instant dispute resolution, and absolute reliability across payment borders in Africa and beyond. .
As part of its evolution, Appzone is shifting its cloud-based SaaS infrastructure to offer payment processing services that support both fiat and digital currencies, with the intention of enabling a hybrid interim period in finance where TradFi and DeFi They will coexist seamlessly. For fiat payments, Zone connects some of Africa’s leading banks and fintechs within and across countries and uses a native stablecoin to provide real-time settlement for cross-border transactions. In 2022, the central bank of Nigeria issued a ‘payment processing and exchange license’ to Zone, making it the first Blockchain-based payment infrastructure company to be licensed in Africa.
Following the rebrand, Appzone’s Banking-as-a-Service business was spun off into a separate standalone company, known as Qore, so that it can continue to serve existing customers and increase the reach of the SaaS platform. This new independent business will be led by some members of their elite leadership team, including Emeka EmetaromCo-Founder and CEO of Appzone and Mudiaga Umukoro, Co-Founder and CEO of Appzone subsidiary Appzone Core. Appzone products currently process more than $2 billion annually for more than 500 banks, Fintechs and MFIs in seven countries, this includes processing payment for six of the top 25 banks in Africa.
Talking about the rebranding, Zone Co-founder and CEO obi emetarom He said: “We have led Africa’s fintech sector in world firsts for over a decade. At Appzone, we launched the first cloud-based omnichannel and core banking software, as well as the first multi-bank direct debit service based on unique global mandates. With this transition to Zone, we are harnessing the power of blockchain technology to connect every store of monetary value and enable trusted, frictionless payments with universal interoperability. By doing this, we are building a global network to pay anyone through any means, in any currency, ultimately maximizing financial inclusion and accelerating economic prosperity for Africa and the rest of the world. ”
Co-founder and CTO of Zone, wale onawunmiHe added: “At Zone, we have always been early adopters of innovative technology with the potential to transform industries – in this case, the financial industry. Our next generation decentralized payment technology, which is the first of its kind, will challenge the status quo and become the future of payments for the world. We are encouraged by the rate of adoption we have seen so far and remain passionate about enabling financial service providers to reach their full potential.”
According to the United Nations, Africa’s population will grow to approximately 1.7 billion by 2030, with a potential of $91 billion in cross-border payments and a retail value of more than $1.5 trillion. But at a fee of $8.97 per transaction, cross-border payment within sub-Saharan Africa still has one of the most expensive remittance structures. Also, beneficiaries cannot normally receive the value instantly in their bank accounts or mobile wallets. Zone’s layer 1 blockchain network will allow payments initiated from one country in one currency to be instantly received in another country and currency at a fraction of the prevailing costs.
Blockchain is a digital ledger of transactions that provides users with traceability and security without the need for intermediaries. Using blockchain, Zone is working to fully digitize and decentralize payments, thus paving the way for a cashless society where payments transcend borders.
Formerly known as Appzone, the Google for Startups Accelerator alumnus, now known as Zone, is on a mission to connect all stores of monetary value using blockchain.
To learn more about Zone, visit here.
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