African financial institutions often utilize a blend of local and international technology to scale their solutions. Appzone stands out as a notable local fintech software provider for banks and fintechs, offering better pricing and flexibility.

Operating for more than a decade from Nigeria, Appzone has played a pivotal role as a facilitator in the banking and payments sector. It has developed custom software and Software-as-a-Service (SaaS) products for over 18 commercial banks and more than 450 microfinance banks across Africa, including in Ghana and Kenya.

In 2022, the fintech software provider, led by founders Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, ventured into blockchain technology, merging it with traditional banking and payment systems. This pivot led to the rebranding to Zone, a licensed blockchain-enabled payment infrastructure company. Zone has carved out its original banking-as-a-service business into a separate entity, Qore. Zone is now announcing a successful $8.5 million seed funding round to further its mission.

Zone’s mission is clear: to address the inadequacies of Africa's existing payment infrastructure for a future cashless society. The company is building an interoperable payment infrastructure with blockchain technology, renowned for its scalability. This infrastructure aims to connect banks and fintech companies, allowing transactions to flow without the need for intermediaries.

Zone, which has obtained a switching licence from the Central Bank of Nigeria (CBN), integrates with Nigeria’s central switch for enhanced interoperability among the financial ecosystem's players and seamless money movement between bank accounts.

One of Zone’s forthcoming focuses is on Point of Sale (POS) transactions, aiming to reduce transaction failures and enhance speed through direct card routing (DCR), a method that establishes direct connections with card issuers.

CEO Obi Emetarom shared insights on Zone’s ambitions to integrate major fintechs into their POS use case, emphasizing the aim to enable banks and fintechs to achieve the successes of notable platforms without requiring individual integrations. Zone’s blockchain architecture allows fintechs connected to the Zone network to have a gateway for direct transaction processing with banks, enhancing reliability and control.

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Zone is also exploring the potential for blockchain in reconciliation and instant settlement, promising immediate refunds for failed transactions and instant settlements for merchants, thus addressing liquidity challenges and operational smoothness.

The payment switch and financial network in Africa typically see infrastructure owned by bank consortiums. However, Zone distinguishes itself with its banking industry veteran founders, a solid client base already processing transactions, and central bank licensing.

Having processed transactions for over 10 million cardholders across more than 6,000 ATMs, Zone has demonstrated significant market traction within a short period. This success has attracted substantial investor interest. The recent funding round, co-led by Flourish Ventures and TLcom Capital, will enable Zone to expand its functionalities and extend its network to additional payment channels, reaching a broader client base. The company aims to streamline the onboarding process for its fintech and bank clients in the near future, enhancing efficiency and coverage in Africa's digital payments landscape.