Nigerian fintech Zone raises $8.5M seed to scale its decentralized payment infrastructure

tag discusses the evolution of Appzone, a local fintech software provider in Africa, into Zone, a licensed blockchain-enabled payment infrastructure company. Founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Zone aims to revolutionize Africa’s payment infrastructure by leveraging blockchain technology to connect banks and fintech companies for seamless transaction flow.

Zone has already signed up over 15 of Africa’s largest banks and is currently facilitating domestic transactions for seven banks through various channels like ATMs. The company obtained a switching license from the Central Bank of Nigeria and is focusing on enhancing POS transactions to provide faster and more reliable payment processing.

With its blockchain technology, Zone aims to offer automatic reconciliation, instant settlement, and transparency in transactions, benefiting both customers and merchants. The company’s innovative approach has attracted investors like Flourish Ventures and TLcom Capital, leading to a successful funding round that will support the launch of new functionalities and expanded network coverage.

Overall, Zone’s technology is seen as a game-changer in Africa’s payment ecosystem, providing a new standard of reliability, speed, and cost efficiency in financial transactions. The company’s experienced founders and central bank licensing set it apart in the competitive fintech landscape of the region.

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