Zone, the first African company with a licensed blockchain payment infrastructure, intends to launch a remittance product in 2025, according to CEO Obi Emetarom. The product is currently under development and aims to tackle the three significant challenges faced by remittance providers and International Money Transfer Operators (IMTOs): distribution, liquidity, and licensing.
These services struggle with establishing sturdy distribution networks for funds delivery, managing liquidity in various local currencies, and complying with intricate licensing requirements across multiple jurisdictions.
Emetarom stated his confidence in Zone’s ability to deliver these solutions, citing their status as a switch with existing bank connections, their capability for instant settlement, and their possession of a switching license. He affirmed that the company is on track to acquire all necessary licenses for operation in various markets.
In December 2023, the Central Bank of Nigeria lifted a two-year ban on crypto-related bank accounts and subsequently imposed strict regulations on banks for opening crypto accounts. Since then, at least two crypto startups have sought licenses from Nigeria’s capital markets regulator, the Security Exchange Commission (SEC). Obi Emetarom, CEO of blockchain payment infrastructure company Zone, referred to this as a “fantastic development” that will present new prospects in cross-border payments.
Zone, Africa’s first licensed blockchain payment infrastructure company, aims to revolutionize the financial landscape with plans for regulated decentralized finance (DeFi). The company, which envisions blending blockchain technology with the legitimacy of traditional finance, is working on a white paper detailing its vision for the future.
Established in 2008 by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi, Zone rebranded from Appzone, a fintech software provider, to a blockchain payment infrastructure company in 2022. The rebranding led to the company being split into two entities: Qore, a cloud-based Software-as-a-Service platform, and Zone, a blockchain-based payment gateway.
Licensed by the Central Bank of Nigeria as a payments switch, Zone operates a blockchain network that enables direct transactions between financial service providers without intermediaries. Currently, 13 Nigerian banks use Zone’s blockchain network for ATM transactions.
In addition to the per-transaction fee it earns, Zone reported processing $1 million daily in 2023, a figure CEO Obi Emetarom claims has since increased. The startup plans to extend the usage of its blockchain technology to online payments and direct debits.
Zone is also planning to launch Zone 2.0, a new blockchain infrastructure built on the Ethereum standard that allows instant settlements for financial institutions. As part of its expansion plans, Zone is eyeing Global South markets, including Latin America, Southeast Asia, and the Middle East.
