Nigeria : Blockchain-based solution Zone enables acceptance of digital currencies

By : Adoni Conrad Quenum

Date : mercredi, 14 décembre 2022 13:56

The solution is the successor of the proprietary solution AppZone. Its stated mission is "to connect every monetary store of value using blockchain."

Zone is a fintech solution developed by the Nigerian start-up Appzone Group. As the successor of the startup’s fintech solution Appzone, it “allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.” 

The solution is a regulated Blockchain network that enables payments and acceptance of digital currencies. According to the startup, its Layer-1 blockchain network guarantees 100% transaction success for payments made in fiat currency or digital currencies. In addition, it guarantees frictionless transactions and universal interoperability. As the platform says, "the network ensures that end-users interact in an easy and natural way and that service providers don’t need to make any extra effort to support payment functionality."

Zone also “supports integration to all systems that store monetary value and all touchpoints used to initiate payments.” To make the system more efficient, it provides simple and effective programming interfaces that can be used multiple times for different payment transactions. 

In early 2021, to support the expansion of its technology, AppZone raised US$10 million in Series A financing. “As Appzone, we launched the first core banking and omnichannel software on the cloud as well as the first multi-bank direct debit service based on single global mandates. With this transition to Zone, we are utilizing the power of blockchain technology to connect every monetary store of value and enable reliable, frictionless, and universally interoperable payments,” says Obi Emeratom (photo, center), Co-founder and CEO of AppZone.  

Adoni Conrad Quenum


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