In an impressive move to revolutionize Africa’s payment infrastructure, Zone, a Nigerian fintech powerhouse, has successfully secured $8.5 million in seed funding to expand its innovative decentralized payment platform. This marks a significant milestone for the fintech sector in Africa, highlighting the region’s growing influence in the global financial technology landscape.
Zone, formerly known as Appzone, has been a pivotal force in reshaping the financial services industry across Africa. With a history of delivering bespoke software solutions, Zone has catered to the needs of over 18 commercial banks and more than 450 microfinance institutions throughout the continent, including significant footprints in Ghana and Kenya.
The transformation from Appzone to Zone embodies the company’s strategic pivot towards leveraging blockchain technology to enhance traditional banking and payment systems. This rebranding signifies a broader vision to integrate cutting-edge technology with existing financial structures, creating a robust, blockchain-enabled payment infrastructure.
Under the leadership of co-founders Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Zone aims to address the limitations of Africa’s current payment systems by fostering a seamless transition to digital economies. The introduction of an interoperable blockchain network promises to streamline transactions between banks and fintech firms, eliminating the need for intermediaries and paving the way for a more connected and efficient financial ecosystem.
Zone’s pioneering approach to creating an inclusive financial network is already garnering significant attention, with over 15 of Africa’s largest banks joining its regulated blockchain network. The platform’s capacity to process transactions across diverse channels, including ATMs, point-of-sale systems, and online transfers, underscores its potential to significantly enhance payment processing across the continent.
This seed funding round not only validates Zone’s vision but also propels the company towards realizing its goal of enabling a cashless future for Africa. As Zone continues to expand its network and onboard new financial institutions, its role in transforming Africa’s payment landscape becomes increasingly pivotal, heralding a new era of financial inclusivity and innovation on the continent.