Nigeria’s Fintech companies are gradually outpacing the banking industry and also becoming the life wire which financial institutions hang on with their software solutions and automation.
Appzone is a fintech software provider based in Lagos, Nigeria. The company announced earlier on Monday that it has closed $10 million in Series A investment.
The company, which was founded in 2008 by Emeka Emetarom, Obi Emetarom and Wale Onawunmi. Appzone stands out from other African Fintechs because it provides enabling solutions not just for payment platforms, but also financial institutions’ core infrastructure.
It commenced as a services firm to provide commercial banks with custom software development services. In 2011, the company launched its first core banking product targeting microfinance institutions. The following year, Appzone launched its first product (branchless banking) for commercial banks. It went live with its mobile and internet banking service in 2016 and launched an instant card issuance product in 2017. In 2020, the company launched services catered to end-to-end automation of lending operations for banks and blockchain switching.
Appzone platforms are used by 18 commercial banks and over 450 microfinance banks in Africa. Together, they amass a yearly transaction value and yearly loan disbursement of $2 billion and $300million.
Techcrunch reported that since its inception, the Google for Startups Accelerator alumnus claims to have led Africa’s fintech sector in some global firsts from the continent. First, the company says it created the world’s first decentralised payment processing network. Second, the first core banking and omnichannel software on the cloud. Third, the first multi-bank direct debit service based on single global mandates.
Appzone already has its presence in the Democratic Republic of Congo, Ghana, Gambia, Guinea, Tanzania, and Senegal. Before now, Appzone lacked the resources to push into the African market aggressively even though they showed promise. But with Series A investment, its founders believe growth across the African continent is visible.