The decentralised payment network will allow inter-bank transactions to be processed directly between banks without the involvement of any intermediary.
In addition to core functionality like payments authorisation, 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 authorisation and settlement.
With ten commercial banks in Nigeria already connected to the network, Zone provides financial services providers with simple APIs for various types of transactions including account-to-account transfers, merchant payments, and cash transactions at ATMs or agent locations.