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Appzone to Launch Zone, Africa’s First Blockchain Platform For Payment Processing

Appzone, an African fintech software company, is set to launch Zone, Africa’s first blockchain platform for payment processing. The launch is expected to happen at Eko Hotels and Suites on Friday 10th December, 2021.

Developed by Appzone Switch, a subsidiary of Appzone Group, Zone is 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, 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.

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Musa Suleiman
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