CBN Issues Switching Licence To AppZone

A Sub-Saharan African payment infrastructure company, AppZone has announced the issuance of its approval to operate under the switching and processing licence category by the Central Bank of Nigeria. 

This approval will make it possible for AppZone to extend its transaction switching and processing services currently offered to banks and fintech through its blockchain-based payment network

ZONE was launched in December 2021, making it the first private blockchain payment network that enables the direct flow of payments from bank to bank while empowering previously excluded financial institutions to participate.

It has been adopted by over 16 commercial banks and payment service banks in Nigeria and will further expand to other financial institutions, Fintechs and commercial banks across Africa.

Obi Emetarom, Co-Founder and CEO of AppZone, commenting on the licence issuance said: “We are excited about the issuance of the Switching licence.

"We look forward to the progress it will enable for the payment and finance ecosystem’.

‘’As a payment infrastructure company, we believe that this milestone will enable us to connect every financial store of value within Nigeria and link them to the rest of the world.”

With the new development, the company can engage and collaborate with crucial payment system stakeholders such as the Nigeria Central Switch hosted by NIBSS and the various Card Payment Schemes, making it possible for AppZone to operate on the same level as other tier-one financial technology and private switching companies.