Nigeria's Zone raises $8.5m to scale decentralized payment solution

Key Takeaways

African financial institutions often leverage a combination of local and foreign technology solutions to scale their operations. In this landscape, Appzone stands out as a leading local fintech software provider for banks and fintechs, offering competitive pricing and enhanced flexibility. Zone, another emerging player, adopts a straightforward approach: acknowledging the inadequacy of Africa's current payment infrastructure for transitioning to a cashless future and developing an interoperable payment ecosystem using blockchain technology. Blockchain technology, renowned for its scalability, serves as the foundation for Zone's infrastructure. It has been pivotal in enabling banking and payment operations for over a decade. It has developed custom software and software-as-a-service products, catering to the needs of more than 18 commercial banks and over 450 microfinance banks across Africa, including markets like Ghana and Kenya. This track record positions both Zone and Appzone as significant players in Africa's fintech landscape, driving innovation and digitization across the continent's financial sector.