Appzone, a sub-Saharan Africa payment infrastructure company, has been granted approval-in-principle by the Central Bank of Nigeria (CBN) to operate under the switching and processing licence category, according to a statement made available by the company to the finance and business intelligence website businessamlive.com.
Appzone will be able to increase its transaction switching and processing services supplied to banks and fintechs via its blockchain-based payment network, Zone, which it debuted in December 2021, with the clearance.
Read also Appzone Launches African Blockchain-based Digital Payments Solution
Zone, a fintech software engineering business founded in 2008, has been embraced by over 16 commercial banks and payment services banks in Nigeria, and the company believes it will now spread to additional financial institutions, fintechs, and commercial banks across Africa.
It is also referred to as the first private blockchain payment network that permits the direct transfer of funds from bank to bank while allowing previously excluded financial institutions to participate.
Read also South Africa’s Reserve Bank Eyes Digital Rand, Readies Crypto Regulations
Obi Emetarom, co-founder and chief executive officer of AppZone, commented on the license issuing as follows: “We are ecstatic about the issuance of the switching license and anticipate the advancements it will enable in the payment and financial ecosystem. As a payment infrastructure firm, we believe this achievement will enable us to connect every financial institution in Nigeria to the rest of the world.”
According to the corporation, this indicates growth that would allow it to produce value for itself and other financial institutions in Nigeria.
Read also Emirates Airline Set to Use ‘Bitcoin as a Payment Service’
The switching license would allow the company to directly interact and collaborate with key payment stakeholders, including the Nigeria Central Switch hosted by the Nigerian Interbank Settlement System (NIBSS) and different card payment systems. Appzone will be allowed to operate at the same level as other premier financial technology and private switching enterprises.
appzone cbn license appzone cbn license
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh