Appzone Group, a fintech software company, is preparing to unveil its blockchain payment processing platform.
Appzone Group will unveil the first blockchain platform for payment processing in Africa on Friday, December 10, 2021, in Lagos. The company stated that it would host industry leaders to launch its new innovation.
Appzone Switch, a subsidiary of Appzone Group, created the blockchain payment platform, called “Zone”.
“We are happy to officially unveil Zone as a decentralized blockchain-based payment infrastructure that enables real-time settlement of fiat transactions, both in-country and out-of-country while enabling the retail distribution of stable digital currencies including Central Bank Digital Currencies in Africa,” said Mr. Uche Elendu, Chief Executive Officer of Appzone Switch.
“We’re bringing together industry experts from the payment, technology, and finance industries to experience firsthand how the Zone platform is positioned to create a completely cashless future,” the CEO added.
Apart from essential features like payments authorization and real-time settlement, the Appzone Switch team is working to develop the platform’s digital token into a stable Pan-African digital currency that is completely compliant, approved by central banks, and backed by a basket of African fiat currencies.
Zone’s objective is to use the same distributed ledger that currently supports payment authorization and settlement to administer stable coin wallets for average people.
Zone provides financial services providers with simple APIs for many types of transactions, including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations. It has ten commercial banks in Nigeria now connected to its network.
The platform’s architecture allows for high throughput and record transaction success rates while also removing common reconciliation concerns that cause refunds to customers to be delayed.