Appzone Group, a fintech software company, has announced the launch of Zone, a blockchain platform for processing payments.
This new system, developed by its subsidiary Appzone Switch, facilitates local and regional payments in fiat and digital currencies. Ten commercial banks in Nigeria have already reportedly opted for the solution.
AppZone will enable fintechs and banks on the continent to dispense with centralized electronic financial transaction (EFT) switches. While they serve as single points of contact between financial institutions, it must be said that these EFTs lead to rather long delays, especially in the event of default, thus delaying financial transactions.
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“Zone Switch represents the future of cashless and borderless payments in Africa. […] The platform will eliminate the systemic risk associated with centralized payments systems, while providing the uptime and throughput required in a truly cashless society, ”said Uche Elendu (photo), CEO of Appzone Switch.
The company reduces transaction processing costs, and improves the customer experience for end users. Regarding transactions such as account-to-account transfers, merchant payments and cash transactions at ATMs or agent offices, the platform provides various institutions in the network with programming interfaces.
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As a reminder, Appzone’s objective is to set up the first decentralized network in Africa that will allow the processing of interbank transactions between banks without the intervention of any intermediary.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
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