Nigerian fintech Zone has garnered an $8.5 million investment in a seed funding round. The considerable endorsement strengthens Zone’s efforts to bolster Africa’s digital economy with its decentralized payment infrastructure. As such, Zone looks ahead to widening its customer base while enhancing its operational capacities.
This year, Zone significantly adjusted its business model. They incorporated blockchain technology into their procedures, dividing them into two entities— Zone, a blockchain-dedicated payment infrastructure firm, and Qore, a standalone company. With this division, Zone became a leading provider of secure, blockchain-based transactions in the fintech market.
Zone employs blockchain technology to process payments and accept digital currencies.
Zone’s blockchain approach fortifies African fintech
This modernized payment network addresses shortcomings in Africa’s current payment infrastructures, eliminating the need for intermediaries and ensuring swift, seamless transactions. It’s a win for decentralization and transparency, bridging the gap between cutting-edge financial systems and conventional banking practices in Africa.
Obi Emetarom, the CEO of Zone, noted that Zone has allied with over 15 African banks to advance blockchain integration in the financial system. Zone’s technology streamlines bank operations for cost-effective and efficient transactions. With 15 top African banks, including seven current Zone clients, leading this technological charge, Zone’s impact is already resonating throughout the banking industry.
A major milestone for Zone was acquiring a switching license from the Central Bank of Nigeria, which enabled inter-bank settlements and live participation in the Nigerian banking ecosystem. This licensure achievement simplifies financial interactions and eventually optimizes customer service by eliminating the need for individual integrations between financial institutions.
Plans are underway for Zone to leverage its blockchain technology for instant settlements and reconciliation. Emetarom anticipates this strategic move will spur African financial entities towards a cashless system, accelerating the digitization of financial transactions and fostering economic stability and growth in the region.
