On Friday the 10th of December 2021, captains of industry and leaders from the payment, finance, and technology spaces will converge at the prestigious Eko Hotels and Suites as Appzone Group, sub-Saharan Africa’s leading fintech software company unveils Zone, the continent’s first blockchain platform for payment processing.
Developed by Appzone Switch, a subsidiary of Appzone Group, Zone forms the foundation of Appzone’s plans to build out Africa’s first decentralized payment network which will allow inter-bank transactions to be processed directly between banks without the involvement of any intermediary.
Speaking about the event, Mr. Uche Elendu, CEO of Appzone Switch said: ‘’We are happy to officially unveil Zone as a decentralized blockchain-based payment infrastructure that enables real-time settlement of fiat transactions, both in-country and out-country while enabling the retail distribution of stable digital currencies including Central Bank Digital Currencies (CBDCs) in Africa. Because of the impact that the innovation will have on the payment and finance landscape in Africa, we are bringing together industry leaders across the payment, technology, and finance industries to see firsthand how the Zone platform is positioned to power a truly cashless society.’’
In addition to core functionality like payments authorization, and real-time settlement, the team at Appzone Switch are looking to evolve the platform’s digital token for settlement into a stable Pan-African digital currency that is fully compliant, approved by Central Banks, and backed by a basket of fiat currencies in Africa. The plan is for Zone to manage stable coin wallets for regular individuals on the same distributed ledger that currently facilitates payment authorization and settlement.
With 10 commercial Banks in Nigeria already connected to the network, Zone provides Banks and Fintechs with simple APIs for various types of transactions including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations. The platform’s architecture achieves high throughput and record transaction success rates while eliminating typical reconciliation issues that delay refunds to customers where necessary.
Physical attendance at the Zone unveil event is strictly by invitation but interested participants can register to attend the event online.
By connecting every financial service provider to Zone’s decentralized payment network, Appzone Switch envisions a future beyond cash where payments are frictionless and instantaneous within and between every African country so that Africa can accelerate trade and economic prosperity.
For additional information on Appzone Group, please contact the Group Chief Marketing Officer, Efosa Aiyevbomwan – firstname.lastname@example.org
Founded in 2008, Appzone is Africa’s no.1 Fintech Software Engineering firm which builds innovative proprietary solutions that digitize Banking operations, interconnect financial institutions, and provide individuals and businesses with a broad range of payment services. With a team of over 160 professionals and clients in seven countries, they process over $2 billion in transactions annually serving 18 commercial banks and over 450 microfinance institutions. The platforms issue 18 million cards and disburse over $360 million in loans annually while managing $200 million in deposits and 10 million hosted accounts. They are working with the brightest minds on the continent to digitize and completely automate financial services. Their vision is to have one dominant financial operating system built for Africa by Africans.