Business Events News Society Posted on

APPZONE EVOLVES TO BE KNOWN AS “ZONE”

Author admin 0 1391

 

Appzone, one of Nigeria’s foremost Financial Technology Firm (Fintech) located in Lekki recently evolved to be known as Zone. his is in line with the new hieghts the organization has reached and the need to service their consumer better by deploying innovative and robust payment gateway/infrastructure to their teaming clients. This change of name is a clear reflection of how well the organization has done locally and the need to solve various cross-border payment accross the content.

Oluwatobi Alaka, the Corporate Communications Manager, APPZONE said “Appzone Group formally pivoted and rebranded to become Zone, a payment infrastructure company. We have built Africa’s first layer-1 blockchain protocol that will enable payments and the acceptance of digital currencies for Financial Service Providers globally. This is a huge feat for an African company! This pivot from our cloud-based SaaS infrastructure will enable us offer payments processing services that support both fiat money and digital currencies, to enable a hybrid interim period in finance where TradFi and DeFi will coexist seamlessly.”

He added that “Zone allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management using blockchain technology. In August 2022, Appzone now known as Zone was granted by the Central Bank of Nigeria a ‘Switching and Processing License’ as a ‘Switch & Processor’ in Nigeria. With the new license, Zone is now permitted to perform commercial activities covered under the Super-Agent, Payment Terminal Service Provider (PTSP) and Payment Solutions Service Provider (PSSP) licenses.”

“Nigeria is leading in the area of fintechs in Africa and ZONE as a brand is here to revolutionize this ecosystem. Zone is poised to help solve cross-border payment challenges for financial service providers across Africa and we look forward to sharing this story with the world. I have attached our press release for more information on our rebrand. The absence of an intermediary or middleman in Zone’s architecture saves participating institutions money, enhances reliability and eliminates reconciliation delays,”Tobi concluded

 

Leave a Comment

Your email address will not be published.

You may also like

Business Posted on

Meet Professor Rose-Margaret Ekeng-Itua: The First Black Woman to Achieve a Ph.D. in Cybernetics

Author admin 0 132
post-image

 

In a groundbreaking achievement, Professor Rose-Margaret Ekeng-Itua has emerged as the world’s first black woman to earn a doctorate degree (Ph.D) in Cybernetics. Cybernetics, the scientific study of information communication in machines and electronic equipment, now sees a historic milestone with Ekeng-Itua’s remarkable feat.

Ekeng-Itua’s journey to this pioneering achievement reflects her dedication to advancing Science, Technology, Engineering, and Mathematics (STEM) fields across Africa, particularly for girls. With over 20 years of experience in engineering and STEM education, she has carved a path of innovation and leadership, transcending continents.

Hailing from Nigeria, Ekeng-Itua’s fascination with technology traces back to her childhood. Her pursuit of knowledge led her to attain a bachelor’s degree in Electrical and Electronic Engineering and a master’s degree in Mobile and Satellite Communications Engineering in the United Kingdom. Her passion for Mathematics and Physics from an early age has guided her career trajectory.

Her Ph.D. journey culminated at the…

Read More
Business Finance Fintech Posted on

Central Bank of Nigeria Introduces Cybersecurity Levy on Electronic Transactions

Author admin 0 85
post-image

The Central Bank of Nigeria (CBN) has announced the implementation of a cybersecurity levy on all electronic transactions within the country, effective two weeks from May 6, 2024.

In a circular jointly signed by Chibuzo Efobi, Director of the Payments System Management Department, and Haruna Mustafa, Director of the Financial Policy and Regulation Department, the CBN directed all commercial, merchant, non-interest, and payment service banks to commence charging a 0.5 per cent levy on electronic transactions.

“The levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution. The deducted amount shall be reflected in the customer’s account with the narration, ‘Cybersecurity Levy,’” the circular stated.

However, the CBN outlined 16 banking transactions exempted from the cybersecurity levy, including loan disbursements and repayments, salary payments, and intra-account transfers within the same bank or between different banks…

Read More
Business Culture Investments Opinion Tourism Travels Posted on

Transcorp Hotels Plc Achieves Remarkable Financial Milestones at 10th Annual General Meeting

Author admin 0 66
post-image

Dupe Olusola, the Managing Director/CEO of Transcorp Hotels Plc, has announced the company’s exceptional performance at its 10th Annual General Meeting held on Monday. With resounding applause from shareholders, Transcorp Hotels Plc has once again demonstrated its strong financial prowess and commitment to delivering value.

In her statement, Dupe Olusola highlighted the following key achievements:

– A remarkable 36% growth in revenue to N41.5 billion.
– A notable 37% increase in gross profit to N29.8 billion.
– Profit before tax surged by an impressive 105% to N9.5 billion, more than doubling from N4.6 billion in 2022.
– Profit after tax soared to N6.1 billion, reflecting a remarkable 133% increase from the previous year.

The first-quarter results for 2024 further underscored Transcorp Hotels Plc’s robust performance, with revenue growing by 72.2% from N8.03 billion to N13.83 billion. Profit before tax stood at N6.09 billion, while profit after tax…

Read More
Business Economy News Opinion Society Software Technology Technology Trends Telecoms Posted on

SIM Boxing, And The Unboxing of a Crime Syndicate

Author admin 1 149
post-image

 

 

Boxes have a multitude of uses, and the word “box”, lends itself to diverse contexts. For “Ajala Travelers,” the box is a necessity for keeping goods for their endless journeys. In literature, idiomatically, it can be said that “one has been boxed into a corner;” another might say to deal with a conundrum: “think outside the box;” then there is the “Pandora’s box” that no one wants opened. To “box one’s ear’s” refers to a hit on the head, especially around one’s ears. For those who celebrate Christmas, “Boxing Day,” which is the 26th of December, the second day of Christmastide is not to be joked with: A day to unbox gifts. So much for the box.

 

Another type of boxes exists in the telecommunications world: The SIM Box. Have you ever received an international call but saw a local phone number ring in? That is SIM Boxing in action….

Read More
Business Culture Economy Energy Posted on

NNPC Chief, Mele Kyari, Honored with NUJ Good Governance Award

Author admin 0 43
post-image

 

In a commendable acknowledgment of his dedication to transparency and good governance within NNPC Limited, Mr. Mele Kyari, the Group CEO, has been bestowed with the prestigious 2024 Nigeria Union of Journalists (NUJ) Good Governance Award.

The accolade, presented during the NUJ’s Good Governance Awards Night & Dinner at Abuja’s Barcelona Hotels, highlights Kyari’s remarkable efforts in advancing accountability and integrity within NNPC Limited. Representing Kyari at the ceremony was the Chief Financial Officer of the Company, Mr. Umar Ajiya, who graciously accepted the award on his behalf.

The event served as a platform to celebrate individuals and organizations committed to fostering good governance practices across various sectors in Nigeria. Kyari’s recognition underscores the vital role of transparency and accountability in driving sustainable development and progress within the nation’s vital industries.

The NUJ Good Governance Award not only acknowledges Kyari’s personal achievements but also reaffirms NNPC Limited’s commitment to upholding the highest…

Read More
Business Economy Posted on

Chowdeck Secures $2.5 Million in Seed Funding, Spearheading Growth in Nigeria’s Food Delivery Sector

Author admin 0 62
post-image

 

 

Tobi Fasipe, Rider Operations Lead at Chowdeck, announced today a significant milestone in the company’s journey, as it secured $2.5 million in seed funding. This investment marks a pivotal moment for Chowdeck, highlighting its rapid expansion and commitment to revolutionizing the food delivery landscape in Nigeria.

Fasipe expressed his excitement about the recent achievements, citing the remarkable growth of Chowdeck’s on-demand delivery service. From processing just 1,000 deliveries daily upon his arrival, the company now boasts a dedicated team of over 3,000 riders handling an impressive 14,000 deliveries per day across 8 major Nigerian cities.

The meteoric rise in delivery volumes underscores Chowdeck’s relentless pursuit of excellence and dedication to providing exceptional service to its customers. This commitment is further evidenced by the company’s Gross Merchandise Value (GMV), which skyrocketed from ₦1 billion in October 2023 to an impressive ₦2.4 billion by March 2024, marking a remarkable 140% increase in just…

Read More
Business Economy Society Posted on

UBA Group GMAP Graduation Ceremony: Insights for Success Unveiled

Author admin 0 198
post-image

 

In a resounding declaration of ambition and determination, the 2024 cohort of UBA Group’s Graduate Management Trainee Program (GMAP) stepped onto the stage last week, marking the beginning of their journey within the prestigious financial institution. Led by a seasoned executive, the induction ceremony not only welcomed the newcomers but also imparted invaluable insights for navigating the intricate pathways of career growth and personal development.

Reflecting on his own humble beginnings, the executive shared anecdotes from his early days as a trainee, highlighting the blend of ambition, thirst for knowledge, and the daunting challenges that lay ahead. Eager to engage with the fresh talent, he opened the floor to questions, unveiling the aspirations and concerns of a generation poised to leave their mark on the world.

Among the plethora of wisdom shared, several key takeaways emerged from the insightful dialogue:

1. Conquering Challenges with Resilience:** Armed with anecdotes from his own journey,…

Read More
Business Economy Posted on

Self-sustainability solutions and smart technology will help South Africa overcome its water crisis

Author admin 0 68
post-image

 

 

Technology company, Versofy, best known for its solar solutions and services, says that preparing for South Africa’s water crisis should become a significant priority. The company, which is fast becoming a necessity-driven entrepreneurial brand, believes that further use of smart technology will also remain critical when addressing the pressing issues of water scarcity in South Africa.

 

Ross Mains-Sheard, Co-Founder and CEO of Versofy, says that South Africa’s water crisis is fast approaching scarcity status: “We believe that by promoting self-sufficiency and sustainability through our own smart technology solutions, we will help to address the increasing concerns regarding an imminent water shortage.”

 

The Development Bank of Southern Africa (DBSA) estimates that 2.2 billion people across the globe don’t have access to clean drinking water. This is of concern when considering that water is a basic need for health and hygiene.   According to DBSA, South Africa’s physical water scarcity will become…

Read More