AppZone

Founded in 2008 by co-founders Obi Emetarom, Emeka Emetarom, and Wale Onawunmi, AppZone has established itself as a significant fintech software provider in Africa. Obi Emetarom, a serial tech entrepreneur, had prior experience in the fintech sector, having co-founded Parkway Projects, a venture that provided bespoke fintech solutions to commercial banks in Nigeria. This background in creating financial technology solutions for African markets laid the groundwork for AppZone's mission.

Initially, AppZone focused on developing custom software for major commercial banks in Nigeria. Over the years, the company expanded its offerings, creating a suite of proprietary solutions for financial institutions. A significant milestone was the launch of BankOne in 2011, a cloud-based core banking application tailored for microfinance institutions. The company has since expanded its client base to include 18 commercial banks and over 450 microfinance institutions across several African countries, including Nigeria, Ghana, Gambia, Democratic Republic of Congo, Tanzania, Senegal, and Guinea. AppZone processes over $2 billion in transactions annually and has received a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria.

In a strategic evolution, AppZone rebranded its core payment infrastructure to "Zone" in November 2022. Zone operates as a regulated blockchain payment infrastructure company, building Africa's first Layer-1 blockchain network. This network facilitates direct transaction flows between financial service providers, aiming to reduce transaction costs and enable instant settlements without intermediaries. The platform supports both fiat currencies and digital currencies. As part of this rebranding, AppZone's cloud-based Software-as-a-Service (SaaS) platform was carved out into a separate entity named Qore. Qore continues to provide Banking-as-a-Service (BaaS) solutions, empowering financial institutions to digitize their operations.

The company generates revenue through its fintech software and payment processing services. Its clients range from large commercial banks to smaller microfinance institutions and other fintech companies. Zone's business model centers on providing a decentralized payment network that connects financial institutions directly, while Qore operates on a SaaS model, offering a comprehensive suite of digital banking tools. In April 2021, AppZone secured $10 million in a Series A funding round to scale its products and services.

Keywords: payment infrastructure, blockchain network, financial technology, core banking solutions, Banking-as-a-Service, BaaS, digital banking, fintech software, cross-border payments, payment processing, Layer-1 blockchain, African fintech, financial inclusion, decentralized payments, SaaS, mobile banking, digital currency, payment gateway, transaction processing, interbank transactions