Zone, Africa's first regulated blockchain-powered payment network, made a significant stride towards reshaping Africa's payments landscape as it joined the prestigious Endeavor network. The company's co-founders, Obi Emetarom, Emeka Emetarom, and Wale Onawunmi, were selected as Endeavor Entrepreneurs during the 37th Virtual International Selection Panel (ISP) held from May 22 to 24, 2023.
Zone, formerly known as Appzone, operates a regulated blockchain network that facilitates payments and the acceptance of digital currencies by connecting banks and fintechs. With a switching and processing license obtained from the Central Bank of Nigeria, Zone became the first blockchain-powered payment network in Africa. Its innovative infrastructure enables participating institutions to conduct direct payment transactions, eliminating the need for intermediaries and automating settlement, reconciliation, and dispute management processes.
In November 2022, Zone strategically spun off its legacy Banking as a Service business, giving rise to a new entity called Qore. Qore, Appzone's legacy banking-as-a-service platform, empowers financial institutions across Africa to achieve digitization and service automation. Currently deployed by over 600 financial institutions across seven African countries, Qore is led by CEO Emeka Emetarom, while Zone is headed by CEO Obi Emetarom and CTO Wale Onawunmi.
Expressing their enthusiasm about joining the global network, Obi Emetarom highlighted Endeavor's commitment to supporting entrepreneurs and its alignment with Zone's goals of delivering reliable and universally interoperable payments. Wale Onawunmi emphasized the importance of collaboration and shared learning in entrepreneurship and looked forward to leveraging Endeavor's ecosystem to drive innovation and efficiency in the payment sector. Emeka Emetarom regarded Endeavor's network as a significant boost in creating groundbreaking financial solutions and expressed confidence in the enriching support and insights they would receive as Qore shapes itself into a global leader in Banking as a Service.
The selection process for Endeavor Entrepreneurs involves a rigorous multi-step procedure, culminating in the ISP, where candidates present their companies to international business leaders and investors from the Endeavor network. Those who obtain a unanimous vote are officially inducted as Endeavor Entrepreneurs. As part of the network, these entrepreneurs gain access to a wide range of services that accelerate business growth and enhance their impact.
Endeavor Board Member Yemi Lalude praised the selection of Obi, Emeka, and Wale as Endeavor Entrepreneurs, recognizing their accomplishments and expressing excitement about their future endeavors. Linda Rottenberg, co-founder, and CEO of Endeavor, expressed delight at having Zone join the network, intending to support the expansion of Zone's financial services infrastructure throughout Africa and contribute to the thriving Nigerian tech ecosystem. Ireayomide Oladunjoye, Managing Director of Endeavor Nigeria, welcomed the three entrepreneurs and their products into the Endeavor Global network, expecting high-impact growth in the next phase.
Zone is the 19th company selected into the global Endeavor network through the Nigerian regional affiliated office. The newly selected entrepreneurs join a distinguished group that includes Carbon's Ngozi Dozie and Chijioke Dozie, Autochek's Etop Ikpe, Flutterwave's Gbenga Agboola and Ife Orioke, Paga's Tayo Oviosu and Jay Alabraba, Migo's Ekechi Nwokah, Daystar Power's Jasper Graf von Hardenberg and Christian Wessels, Kobo's Obi Ozor, FilmHouse Group's Kene Okwuosa and Moses Babatope, TradeDepot's Onyekachi Izukanne, Michael Ukpong, and Ruke Awaritefe, Moniepoint's Tosin Eniolorunda and Felix Ike, Helium Health's Adegoke Olubusi and Dimeji Sofowora, Metro Africa Xpress' Adetayo Bamiduro and Chinedu Azodoh, Field Intelligence's Michael Moreland, Justin Lorenzon, and Peter Bunor, and PiggyVest's Somto Ifezue, Odunayo Eweniyi, and Joshua Chibueze.
The induction into the Endeavor network grants these entrepreneurs access to comprehensive global support services, including introductions to business mentors, investors, and volunteers from Fortune 500 consulting firms, all aimed at addressing key needs. With a proven track record of impact, Endeavor Entrepreneurs have collectively generated over $42 billion in revenue, created more than 4.1 million jobs, and fostered sustainable growth models in their respective countries. The selection of Zone's co-founders exemplifies the rising expectation for exceptional entrepreneurs with ambitious visions and a capacity for scalable execution.
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