• Wednesday, December 06, 2023
businessday logo


AppZone appoints new CFO to manage company’s financial operations


The Board of Directors of Appzone Group, one of Africa’s leading fintech companies, have approved the appointment of Timothy “Tim” Souter as the new Group Chief Financial Officer.

A seasoned financial expert with expertise garnered in Europe and Africa, Tim Souter brings over 15 years of financial leadership experience across several industries and sectors including technology, telecoms, financial and investment services.

Prior to joining Appzone, Tim served as a Partner at Ethos Private Equity SA where he was responsible for origination, execution and portfolio management of the tech and telecommunications sectors. A UK resident, Tim joins the Appzone Group while continuing to manage several other ongoing interests and will be commuting regularly between Nigeria and the UK.

Read Also: Appzone partners Leading Ladies Africa on push for Gender Parity, Diversity and Inclusion

Obi Emetarom, CEO Appzone Group, said: “We are delighted to have Tim join Appzone. He is an experienced finance professional with a demonstrated history of leadership in the financial services industry across sub-Saharan Africa, and his broad financial and strategic experience, particularly his understanding of how technology is reshaping the financial services industry, will be an asset to us.”

Tim Souter has over the years built an extensive network in both the investment & financial services and telecoms sectors in Africa, and he possesses an intricate understanding of managing capital structures, currencies and critical stakeholders. Tim was also involved in several non-TMT businesses during his time at Ethos, and his portfolio operated and invested across 10+ countries in sub-Saharan Africa. As an active investor and shareholder, he has also held non-executive directorships across his investment portfolio as well as being Chairperson of various subcommittees over the years.

Tim served as a non-executive director on the board of Eaton Towers, an independent tower company present in six countries. He more recently sat on the board of Echo, a corporate ISP, where he played an instrumental role in expanding the business into eight additional African countries through acquisition.

Prior to his role at Ethos, Tim was part of the EMEA TMT advisory team at Macquarie Capital, based in Johannesburg, South Africa, and Chicago, USA.

Tim holds a Master of Finance degree from INSEAD and is a CFA charterholder. He also holds a Bachelor of Business Science from the University of Cape Town.

Founded in 2008, Appzone is one of Africa’s notable FinTech Software Engineering firms build 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, Appzone processes over $2 billion in transactions annually serving 18 commercial banks and over 450 microfinance institutions.

Its platforms issue 18 million cards and disburse over $640 million in loans annually while managing $200 million in deposits and 10 million hosted accounts. The company said works with the brightest minds on the continent to digitize and completely automate financial services.

Appzone has the vision to have one dominant financial operating system built for Africa by Africans.