Zone Blockchain has successfully raised $8.5M in funding to remodel payment processes in Nigeria using its Blockchain technology. The funding round was led by venture capital firms, TLcomCapital and Flourish Ventures.

The layer 1 Blockchain formerly known as Appzone, but now rebranded as Zone claims to be "Africa's first layer-1 blockchain" on its website. The company is building financial infrastructures on the blockchain that directly connect payment institutions and address challenges associated with the traditional payment model, including chargebacks and late settlements. Zone is co-founded by Obi Emetarom, Wale Onawunmi, and Elendu Uche.

This brilliant solution to drawbacks that hinders Africa's payment solutions from evolving alongside technological innovations was met with positive feedback and commendation from Zone's investors.

Ameya Upadhyay, a partner at Flourich Ventures, stated, "For the first time in Africa, Zone's technology enables direct communication between participants in the payment ecosystem. we believe this is the fundamental leap that will allow customers to experience a completely new standard of reliability, speed and cost efficiency at the ATM, POS machines and online".

Some attributes of the Blockchain include, fast finality and scalability. Zone plans to maximize these qualities to create a system where transactions are carried out between the necessary parties only, without involvement from a middleman, leading to instant transaction settlement and reduced cost. This stands in contrast to the regular procedure in the traditional financial system.

Furthermore, they plan to fix chargeback hurdles which are usually incurred due to man-made or system failures. The Blockchain's transparent nature makes it possible for transaction flow to be monitored from the sender to the recipient account, including the exact time of execution.

Zone operates a permissioned and regulated blockchain. The company believes that regulation is essential for credibility and compliance with local laws. Additionally, to protect users, monitor, and track malicious activities executed by those who exploit the anonymity of the technology.

As a layer 1 blockchain, their technology is built to serve as foundational bedrock for other banking institutions. They plan to onboard other financial service providers into their system. Zone offers diverse services including cross-border payments, automated disputes resolutions, and instant funds transfer, processing payments in fiat and digital currency.