Fintech Software Providers has said it rebranded to ‘Zone’, a regulated blockchain payment infrastructure company.
A statement by the company said Zone will enable payments and the acceptance of digital currencies for financial service providers globally.
Zone’s regulated blockchain network enables direct transaction flow between financial service providers without an intermediary, bringing reduced transaction costs, instant dispute resolution, and absolute reliability across Africa’s payment borders and beyond.
Speaking on the rebrand, Zone Co-founder and Chief Exeucitve Officer, Obi Emetarom, said, “We have led Africa’s fintech sector in global firsts for over a decade. As Appzone, we launched the first core banking and omnichannel software on the cloud as well as the first multi-bank direct debit service based on single global mandates. With this transition to Zone, we are utilising the power of blockchain technology to connect every monetary store of value and enable reliable, frictionless and universally interoperable payments. In doing this we are building one global network to pay anyone through any means,in any currency, which will uultimately maximise financial inclusion and accelerate economic prosperity for Africa and the rest of the world. ”
Co-founder and CTO for Zone, Wale Onawunmi, added, “At Zone, we have always been early adopters of innovative technology with potential to transform industries – in this case, the finance industry. Our next-generation decentralised payment technology which is the first of its kind, will challenge the status quo and become the future of payments for the world. We are encouraged by the pace of adoption we have seen so far and remain passionate about enabling financial services providers to reach their full potential.”
The statement said the fintech firm was pivoting from its cloud-based SaaS infrastructure to offer payments processing services that support both fiat money and digital currencies, with the intention to enable a hybrid interim period in finance where TradFi and DeFi will coexist seamlessly.
In the case of fiat payments, Zone connects some of Africa’s most prominent Banks and Fintechs within and across countries and utilises a native stable coin to provide real-time settlement for cross-border transactions.
Following the rebrand, Appzone’s Banking-as-a-Service business had been carved into a separate standalone company, known as Qore, so it could continue serving existing clients and growing the SaaS platform’s reach.
The statement said the new standalone business would be led by some members of its elite leadership team, including Co-founder & Executive Director of Appzone, Emeka Emetarom; and Co-founder & Chief Executive Officer, Appzone’s subsidiary, Appzone Core, Mudiaga Umukoro. Appzone’s products currently process over $2bn annually for 500+ banks, Fintechs and MFIs in seven countries – this includes payments processing for six of Africa’s top 25 banks the statement added.
