Nigerian fintech firm, Zone, recently raised $8.5 million in a seed funding round to propel its decentralized payment system’s expansion. Operating under Appzone, the firm supplies software and software-as-a-service products for various financial institutions across Africa, including 18 commercial banks and over 450 microfinance banks.
Building on new funding and AppZone’s expertise in financial software development, Zone is set to take Africa’s digital payment landscape to new heights. The firm’s primary goal is to develop a seamlessly unified payment network powered by blockchain technology, eliminating the need for intermediaries in transaction processing.
Zone was initiated by Appzone in 2022 to utilize blockchain technology in shaping traditional banking practices, thus enhancing transparency and efficiency in Africa’s financial sector. And as Africa’s first regulated blockchain-based payment network, Zone has already paired with over 15 leading African banks to provide secure and reliable fund transfers amongst vendors and financial establishments.
The CEO of Zone, Obi Emetarom, confirmed the ongoing use of Zone’s platform by seven partner banks for various transactions, further extending Zone’s reach and effectiveness. He emphasized the pivotal role of such collaborations in driving the digital innovation that will revolutionize financial transactions across the continent.
Emetarom also pointed out that Zone’s strategic alliances with top banks have substantially amplified its credibility and influence. He remains confident that more institutions will join their network, with Zone’s advanced technology playing an instrumental role in reducing financial disparity and bridging economic gaps in Africa.
Zone is keen on transforming Africa’s financial landscape by enhancing the experience and the quality of financial transactions for its users. An essential part of its mission includes supporting African banks and fintech companies in refining and modernizing their payment systems. This assistance helps actualize financial inclusion in Africa and is a significant step towards the establishment of a cashless economy.
Zone’s distinctive blockchain technology provides instant reconciliation and settlement of transactions, supplanting traditional three-day banking practices with immediate settlements. Such advances bring about efficiency and speed in financial operations, expedite business operations, and mitigate operational and counterparty risks. Additionally, the deployment of blockchain ensures transaction transparency and immutability, thus curbing potential fraudulent activities and constructing a reliable financial ecosystem.
