AppZone acquires switching license from the CBN

AppZone, Sub-Saharan Africa’s payment infrastructure company, has received an approval in principle from the Central Bank of Nigeria to operate under the Switching and Processing license category.

This will enable AppZone to further expand its transaction, switching and processing services currently offered to banks and fintechs through its blockchain-based payment network, ZONE, launched in December 2021.

“We look forward to the progress this issuance will enable for the payment and finance ecosystem. As a payment infrastructure company, we believe that this will enable us to connect every financial store of value within Nigeria and link them to the rest of the world,” Obi Emetarom, Co-Founder and CEO, AppZone, said.

ZONE is the first private blockchain payment network that enables the direct flow of payments from bank to bank while empowering previously excluded financial institutions to participate.

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It has been adopted by over 16 commercial banks and payment service banks in Nigeria and will further expand to other financial institutions, fintechs and commercial banks across Africa.

With this new license, AppZone can now operate on the same level as other tier-one financial technology and private switching companies. The Switching license will enable the company directly to engage and collaborate with crucial payment system stakeholders such as the Nigeria Central Switch hosted by Nigeria Inter-Bank Settlement System (NIBSS) and the various Card Payment Schemes.

Founded in 2008, AppZone’s layer-1 blockchain network digitizes fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem.

Its decentralized payment network, ZONE, allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.

“We are working with the brightest minds on the continent to digitize and completely automate financial services. Our vision is for digital payments and decentralized finance to replace cash and traditional banking in Africa,” the company said in a statement.