By Modupe Gbadeyanka
The need for stakeholders to collaborate to improve the FinTech industry in Africa was highlighted by stakeholders in the sector.
During the launch of the continent’s first blockchain platform for payment processing, Zone, designed by Appzone, attendees agreed that the finance and payments landscape needs more hands on the bridge.
They applauded Appzone for this initiative, saying it will play a role in decentralizing payments and interbank transactions across Africa.
Sparkle CEO Mr. Uzoma Dozie in his opening remarks revealed that with the right amount of collaboration and adoption, Zone will improve the existing payments infrastructure and create strong experiences for market players. .
âZone is built on new technology that deals with trust and transparency in the sense that users do not have to rely on the central bank system where they are excluded from the process.
“With Zone, users are more aware and fully understand every step of the process, which creates the transparency needed to build trust and increase adoption,” said the CEO of the now defunct Diamond Bank.
He further said that the COVID-19 pandemic has raised awareness of the need to embrace digital finance, fostering the appreciation needed to increase adoption of digital finance and payment technologies.
Speaking of Zone’s unique characteristics, Appzone Group CEO and Founder Mr. Obi Emetarom described Zone as much more than a blockchain payment platform.
He described Zone as a financial network, made up of different financial institutions, which provides real-time payment and settlement processes.
âThe Zone platform provides users with exciting opportunities, it’s a ubiquitous network as it connects all kinds of financial institutions, from payment companies, from microfinance banks to fintechs to digital banks.
âZone also uses peer to peer routing, which means that all institutions using the platform can connect directly without any middleman, ensuring reliability and scalability,â added Mr. Emetarom.
âZone has also launched a network across Africa that allows anyone to conduct real-time transactions anywhere on the continent. Ultimately, Zone is poised to deliver a compliant and stable Pan-African digital currency, âhe said.
Speaking on the rationale for launching Zone, Mr. Uche Elendu, CEO of Appzone Switch, said, âWe are pleased to officially unveil Zone as a blockchain-based decentralized payment infrastructure that enables online payment. real-time fiat transactions, both in and out of the country, while enabling the retail distribution of stable digital currencies, including central bank digital currencies (CBDCs) in Africa.
The plan is for Zone to maintain stablecoin portfolios for ordinary individuals on the same distributed ledger that currently facilitates payment authorization and settlement.
With 10 commercial banks in Nigeria already connected to the network, Zone provides banks and Fintechs with simple APIs for various types of transactions, including account-to-account transfers, merchant payments, and cash transactions at ATMs or branches. .
The platform architecture achieves high throughput and record transaction success rates, while eliminating typical reconciliation issues that delay refunds to customers when needed.
By connecting every financial service provider to Zone’s decentralized payments network, Appzone Switch envisions a future beyond cash where payments are frictionless and instantaneous within and between every African country so that Africa can accelerate trade and economic prosperity.