E-Financial
Appzone Secures $10mn Series A Funding
Appzone, the Pan-African fintech software provider building proprietary solutions for the continent’s banking and payments industries, has today announced the close of its $10mn Series A round.
Led by CardinalStone Capital Advisers with participation from V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures, the new round will bolster investment in Appzone’s core technologies and kick off a wave of new country expansions in a drive to build out a financial operating system intended to completely digitise and automate the delivery of financial services on the continent.
Launched in 2008, Appzone delivers best-in-class products for digital core banking and interbank transaction processing with clients across seven African countries including high-profile names like Access Bank, GT Bank and Zenith Bank.
Since its inception, the company, also an alumnus of the Google launchpad accelerator, has led Africa’s fintech sector through radical innovation that resulted in a number of global firsts from the continent, including the world’s first decentralised payment processing network, the first core banking and omni-channel software on the cloud and the first multi-bank direct debit service based on single global mandates.
To date, the company’s platforms have served 18 commercial banks and over 450 microfinance banks, amassing a yearly transaction value and yearly loan disbursement of $2bn and $300mn respectively.
As Africa’s traditional banks and fintech startups grapple with the increasing threat from telco companies and big tech players, Appzone’s products effectively and affordably equip them to deal with the sector’s most pressing challenges including legacy cost structures and a major lack of operational efficiency.
Currently, due to a severe dearth of high-quality localised solutions that address these problems, traditional and challenger banks in Africa are limited to using foreign technology solutions tailored for Western markets – many of which are plagued with the huge stumbling blocks of prohibitive pricing, insufficient flexibility to innovate and a lack of local tech support.
Speaking on the fundraise, Appzone’s Co-Founder and CEO Obi Emetarom says: “We’re excited not only to be securing a significant capital raise, but also welcoming on board some strategic investors whose support will be key to our growth journey.
“Today’s news allows us to scale Appzone’s products and services rapidly. For the last 12 years, we’ve worked in stealth mode, building the really complex infrastructure to power the continent’s growing digital financial services space and forging partnerships with the continent’s biggest financial institutions.
In terms of next steps, we are now looking to hire from Africa’s top 1% to grow our team of elite talent who have proven themselves to be true African builders; the brightest senior software engineers and domain experts, doing the incredibly hard work of building the backbone and next generation infrastructure for digital financial services at a level beyond world-class.
We are seeking out gifted and audacious engineering and entrepreneurial minds, hungry to accelerate economic prosperity and tackle challenging technology with us. We are not just trying to bring African fintech on-par with the rest of the world – we exist to make our financial sector the most innovative and technologically advanced on the globe through solutions built for Africa by Africans.”
Currently, Appzone’s clients spread across Nigeria, Ghana, Gambia, DRC (Democratic Republic of Congo), Tanzania, Senegal and Guinea and to-date, the company has raised $15mn in equity funding with previous investors including Lateral Capital, GreenHouse Capital, Timon Capital and Itanna.
In 2018, the company obtained an officially approval from the Central Bank of Nigeria to operate as a Payment Solution Service Provider (PSSP) and has been the recipient of a number of industry awards including the Frost & Sullivan Award, NAMB (National Association of Microfinance Banks) and CeBIH (Committee of eBusiness Industry Heads) awards.
Yomi Jemibewon, Co-Founder and Managing Director of Cardinal Stone Capital Advisers said: “Our investment in Appzone is further proof of Africa’s potential as the future hub of world class technology. Appzone is building a disruptive FinTech ecosystem that will be the backbone of Africa’s finance industry with products across payments, infrastructure and Software as a Service.
“The impact of Appzone’s work is multifold – the company’s products deepen financial inclusion across the continent whilst providing best-fit and low cost solutions to financial institutions. Its emphasis on premium talent also helps stem brain drain, rewarding Africa’s best brains with best in class employment opportunities.”
Despite its challenges, Africa’s banking sector is projected to reach a total market valuation of $129bn by 2022 according to McKinsey & Co. As the industry struggles to serve Africa’s huge unbanked population, there has been a growing influx of fintech platforms filling the gap. In recent years, these startups have attracted major interest from investors across the globe and in 2020, the sector accounted for over a third of the total $1.3bn in funding secured by African tech startups.
Fidelity Bank has announced a three-month extension of its Get Alert in Millions (GAIM) Season 6 promo, now running until November 30, 2025, with total cash rewards increased from ₦159 million to ₦189 million.
L-R: Direct Sales Executive, Fidelity Bank Plc, Adegboyega Ademokunwa; GAIM 6 Eight Monthly draw Winner, Innocent Okoro Orji; Branch Leader, Fidelity Bank Plc, Gbagada, Chinwe Umez-Eronini; and Product Manager, Savings, Fidelity Bank Plc, at the GAIM 6 prize presentation ceremony held at Gbagada Building Materials market in Lagos recently.
This move follows strong customer demand for more participation time and has received full regulatory approval.
Originally launched in November 2024 for nine months, the GAIM 6 campaign was set to end in August 2025. However, based on customer feedback, the bank extended the promo to allow more Nigerians to benefit.
Recently, the bank celebrated 20 winners nationwide, each receiving ₦1 million through electronically supervised draws overseen by the Federal Competition and Consumer Protection Commission (FCCPC) to ensure fairness.
With over ₦30 million still up for grabs in upcoming monthly draws, the final prizes include ₦2 million for second runner-up, ₦5 million for first runner-up, and a ₦10 million grand prize. Recipients also gain access to financial advisory support at the Fidelity SME Hub to help maximize their rewards.
Fidelity Bank serves over 9.1 million customers through digital channels and 255 branches, earning various awards for innovation, digital transformation, and SME banking excellence.
The bank continues to promote savings culture and financial empowerment across Nigeria through initiatives like GAIM.
Dr Daramola Omoyele, an economist and data analyst has warned that the introduction of a Tax Identification Number (TIN) under Nigeria’s new taxation legislation could compromise efforts towards stronger financial inclusion.
An estimated 38 million Nigerian adults are currently unbanked.
Nigerian Observer quoted Omoyele as explaining that the TIN, which by the new law is a requirement for bank account opening and filing of tax returns, adds up to several other digital IDs existing in a siloed system.
There is the National Identification Number (NIN), the Bank Verification Number (BVN), and the general multipurpose card, among other existing ID numbers, he pointed out.
The TIN is provided for in the Nigeria Tax Administration Act 2025 which was enacted in June, but couldn’t immediately go into force due to contention from different national stakeholders in the country.
Recently, the federal government announced that the legislation is now expected to go into force in January 2026, and will help the country in efforts to strengthen tax compliance, broaden the tax base for more revenue, and digitalize the tax administration.
To Omoyele, it would have been better for the government to build on the blocks which are already in place, citing the NIN as an example, for a harmonized data system and single digital ID to be used for different purposes.
Beyond that, there are fears that the current challenges in obtaining the NIN and other digital IDs could be replicated in the process of obtaining the TIN.
The federal government has highlighted the need for data harmonization in the past, but concrete results are yet to be obtained.
Omoyele cited examples of countries like India where the Aadhaar digital ID is used across services. South Africa also recently unveiled a roadmap for a single digital ID system to be used for multiple services.
“The irony is that Nigeria already has the building blocks of a single digital identity. The NIN was designed to be the master ID, while the BVN has captured biometric and financial data for millions of bank customers,” The Nigerian Observer quoted Omoyele as saying.
“Instead of harmonising these, the new TIN law introduces another obstacle at a time when about 38 million adults remain unbanked.”
“Nigeria must stop building silos and start building systems that talk to each other. One number is enough. The new TIN law is well-intentioned, but it risks worsening an already messy identification system,” he added.
The Central Bank of Nigeria (CBN) has issued a new directive mandating all Domestic Systemically Important Banks (DSIBs) to publicly announce the appointment of a new Managing Director/Chief Executive Officer (MD/CEO) at least three months before the scheduled exit of the incumbent.
In addition, banks are required to obtain regulatory approval for the successor’s appointment no later than six months before the current MD/CEO’s tenure ends.
The CBN said that the move was aimed at ensuring seamless leadership transitions and reducing potential disruptions in the top management of key financial institutions.
“This requirement is aimed at: minimising disruptions at the top management level. Enabling appointees to adequately prepare for their new roles, and mitigating risks associated with abrupt leadership changes”, the apex bank noted.
This was contained in a circular to DSIBs and signed by Rita I. Sike Director, Financial Policy & Regulation Department, CBN.
According to the circular, Section 2.14 of the CBN corporate governance guidelines for Commercial, Merchant, Non-Interest, and Payment Service Banks in Nigeria (2023) mandates the boards of such institutions to approve succession plans for their Managing Directors/Chief Executive Officers (MD/CEO), Executive Directors (EDs), and senior management staff.
“In view of the critical role Domestic Systemically Important Banks (DSIBs) play in maintaining financial system stability, the CBN reiterates the importance of effective succession planning in these institutions.
“Accordingly, and in line with sound corporate governance practices, each DSIB is required to: obtain regulatory approval for the appointment of a successor MD/CEO not later than six months before the expiration of the incumbent’s tenure.
“Publicly announce the appointment of the successor MD/CEO not later than three months before the planned exit of the incumbent. You are hereby directed to ensure strict compliance with the above directives,” the circular added.
PalmPay Launches Anniversary Campaign to Celebrate its Journey
NDPC Raises Alarm on Chrome Vulnerabilities, Urges Nigerians to Secure Devices
Nigeria to Receive First Dry-Leased Aircraft in 20 Years
How Internet Fraudsters are Worsening Visa Restrictions for Nigerians- EFCC
Fidelity Bank Extends GAIM 6 Promo, Boosts Total Cash Rewards to ₦189m
E-Financial3 days agoFBNQuest Merchant Bank Strengthening Its Role as a Strategic Workforce Leader
Telecom3 days agoUS and China Close to Resolving TikTok Dispute Amid Key Trade Talks
E-Business3 days agoHow to Access Business Information Securely
E-Financial3 days agoOlapeju Ibekwe Appointed to Board of UN Global Compact Network Nigeria Ahead of UNGA 80
E-Business3 days agoAero Contractors Showcases Upgraded MRO Capabilities at Aviation Africa Summit
E-Financial3 days agoFXTM Expands Trading Opportunities in Nigeria, Launch FXTM Edge Platform
E-Financial3 days agoFidelity Bank Begins Disbursement of FG’s MSME Intervention Fund, Prioritizes Women Entrepreneurs
E-Business2 days agoMicrosoft Seizes 340 Websites Linked to Nigerian-based Phishing Subscription Service