E-Financial
Appzone to Host Industry Leaders @ the Unveiling of Zone
Captains of industry and leaders from the payment, finance and technology spaces will converge at the prestigious Eko Hotels and Suites on Friday the 10th of December 2021, as Appzone Group, sub-Saharan Africa’s leading fintech software company unveils Zone, the continent’s first blockchain platform for payment processing.
Developed by Appzone Switch, a subsidiary of Appzone Group, Zone forms the foundation of Appzone’s plans to build out Africa’s first decentralized payment network which will allow inter-bank transactions to be processed directly between banks without the involvement of any intermediary.
Speaking about the event, Mr. Uche Elendu, CEO of Appzone Switch said: ‘’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-country, while enabling the retail distribution of stable digital currencies including Central Bank Digital Currencies (CBDCs) in Africa.
“Because of the impact that the innovation will have on the payment and finance landscape in Africa, we are bringing together industry leaders across the payment, technology, and finance industries to see firsthand how the Zone platform is positioned to power a truly cashless society.’’
In addition to core functionality like payments authorization, and real-time settlement, the team at Appzone Switch are looking to evolve the platform’s digital token for settlement into a stable Pan-African digital currency that is fully compliant, approved by central Banks, and backed by a basket of fiat currencies in Africa.
The plan is for Zone to manage stable coin wallets for regular 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 agent locations.
The platform’s architecture achieves high through-put and record transaction success rates, while eliminating typical reconciliation issues that delay refunds to customers where necessary.
Physical attendance at the Zone unveil event is strictly by invitation but interested participants can register to attend the event online.
By connecting every financial service provider to Zone’s decentralized payment 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.
The naira appreciated to N1,600 per dollar in the parallel market at the close of trading hours on Monday, strengthening from N1,610 per dollar recorded over the weekend.
Similarly, the naira saw a slight gain in the Nigerian Foreign Exchange Market (NFEM), trading at N1,605 per dollar compared to N1,606 last Friday, according to data from the Central Bank of Nigeria (CBN). This represents a marginal N1 appreciation.
As a result, the gap between the parallel market and official exchange rate widened slightly to N5 per dollar, up from N4 over the weekend.
Central Bank of Nigeria (CBN) spent N315.18bn on currency issue expenses in 2024, marking a sharp increase of 306 per cent compared to N77.67bn recorded in 2023, the apex bank’s audited financial statement for the year has shown.
Currency issue expenses cover the printing, processing, distribution, and disposal of banknotes.
The latest figures reveal that the CBN’s cost of managing physical cash spiralled dramatically during the year under review, as Nigeria grappled with lingering cash shortages and disruptions in the money supply chain.
The surge in expenditure came as the country continued to deal with the effects of the naira redesign policy introduced in late 2022.
Despite efforts to stabilise cash circulation throughout 2023, Nigerians still faced queues at ATMs and difficulties in accessing cash in early and late 2024.
Faced with mounting public outcry, the CBN deployed several emergency measures to address the crisis.
Deposit Money Banks were directed to ensure consistent ATM loading and rural cash distribution, while the Bank also launched public hotlines for citizens to report cash scarcity incidents.
Also, the CBN ramped up enforcement efforts, including deploying monitoring teams, issuing sanctions against non-compliant banks, and mandating improved cash distribution.
PalmPay, a full-service digital bank, has reaffirmed its dedication to advancing the future of payments in Nigeria by promoting the widespread adoption of contactless-enabled payment terminals.
This was made known during the recently concluded BusinessDay Future of Payment Conference, themed “Fintech Evolution: Gateway to Payments.” In his welcome address, BusinessDay Publisher, Frank Aigbogun, emphasized that the next phase of fintech innovation must be driven not only by speed, safety, and simplicity but also by trust, inclusion, and accessibility to ensure broad-based impact across all segments of society.
Talking about PalmPay’s impact in the panel session titled “The Next Wave of Digital Payments: Trends and Innovation,” Ifeanyi Uzoka, Senior Business Development Manager at PalmPay, discussed the evolving landscape of digital payments in Nigeria.
He noted that while regulatory frameworks have supported the introduction of contactless payments, the high level of cash dependency remains a key barrier to widespread adoption.
“At PalmPay, financial inclusion is central to everything we do,” Uzoka stated. “To support this mission, we’ve launched contactless-enabled debit and premium cards, ensuring our users have access to convenient and secure payment experiences. We also understand that trust is critical, which is why all contactless transactions on PalmPay’s platform include an additional layer of authentication for enhanced security.”
PalmPay continues to lead innovation in Nigeria’s digital finance ecosystem by delivering secure, user-friendly, and future-ready solutions. The company’s recently launched debit and premium cards in partnership with Verve are now serving its growing base of over 35 million users nationwide.
This move into contactless payments underscores PalmPay’s alignment with global payment trends and its ongoing commitment to building a more inclusive and digitally empowered economy.
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