Nigerian fintech AppZone expands banking operation into East Africa

AppZone is a fintech software company that is laying the groundwork for Africa's digital financial services infrastructure.

Appzone is a company that specializes in banking and payment solutions. The company currently has over 2 million accounts. App zone has also issued over 30,000 cards and handles over 100,000 transactions every day.

Retail banking cloud solutions, personal banking cloud solutions, commerce cloud solutions, branchless and agent banking cloud solutions, business banking cloud solutions, mobile financial platform, and a variety of on-premise products are some of the other services offered by this company (e.g., instant & automated card issuance, prepaid card management, EFT settlements, and auto reconciliation, and ATM monitoring).

Appzone, a Nigerian fintech, is expanding its BankOne, a banking system developed by the company, into East Africa, with Kenya as its first stop.

The fintech said it plans to use BankOne to create capabilities that would allow digital banks to engage clients and deliver services without the need for human engagement.

The fintech held a cooperative movement - an international workshop – on Savings and Credit Cooperatives in Kenya as part of its endeavor to help the digitization of Kenya's financial ecosystem (SACCOs).

What they are saying:

While speaking about the expansion of BankOne's operations into Kenya, Mudiaga Umukoro, the CEO of Appzone Core, said that the platform played a significant role in the first digitization phase of Nigeria's financial sector and grew in prominence and adoption as digital challengers and neo-banks began to emerge.

"As Africa moves closer to a digital banking future, it became critical to better position BankOne to serve the continent's expanding number of Fintechs and neobanks," he said. Our entry into the Kenyan market was prompted by the discovery of significant gaps in the availability of appropriate, cost-effective banking automation technology."

"We strongly believe in the exciting prospects that abound in the financial ecosystem here," said Yvonne Ige, CCO of Appzone Core. "We are very committed to exposing (SACCOs) and the financial system here to an efficient and approved top tier bank-grade digital banking solutions that enable progress for everyone."