CBN Issues Switching and Processing License to AppZone

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CEM REPORT | The Central Bank of Nigeria has issued Switching and Processing license in principle to AppZone.

AppZone, while making the announcement stated that the license will enable it further expand its transaction switching and processing services currently offered to banks and fintech’s through its blockchain-based payment network,

Speaking about the license issuance, Co-Founder and CEO of AppZone, Obi Emetarom, while expressing his delight in the license added that it will enable the organisation connect Nigeria and the rest of the world.

We are excited about the issuance of the Switching license. 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 this license AppZone can now operate on the same level as other tier-one financial technology and private switching companies. The Switching license will enable the company directly engage and collaborate with crucial payment system stakeholders such as the Nigeria Central Switch hosted by Nigeria Inter-Bank Settlement System (NIBSS) and the various Card Payment Schemes.

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AppZone, Sub-Saharan Africa’s payment infrastructure company was launched in December 2021 and is 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.

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