You need to active Javascript on your
BusinessDay
Nigeria's leading finance and market intelligence news report.

Nigeria’s Appzone to unveil Africa’s first blockchain payment processing platform

On Friday, December 10 2021, players from the payment, finance and technology spaces will converge at Eko Hotels and Suites as Appzone Group, one of sub-Saharan Africa’s leading fintech software companies 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.

“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,” Uche Elendu, CEO of Appzone Switch said.

Because of the impact that the innovation will have on the payment and finance landscape in Africa, Elendu said Appzone is “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.’’

Read also: Poor infrastructure tops Fintech challenges in Nigeria- FairMoney CEO

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.

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.

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.

According to the company, the physical attendance at the Zone unveiling event is strictly by invitation but interested participants can register to attend the event online at https://zone.appzoneswitch.com

Get real time updates directly on you device, subscribe now.