Business Connexion (BCX) has signed on the dotted line for a 30% strategic interest in AppZone, an IT solutions provider with a focus on the financial services sector.
Based in Lagos, Nigeria, AppZone has 51 employees and deploys technology platforms to financial institutions that allow end-users remotely access financial services and consummate financial transactions using a wide range of connected electronic devices.
Matthew Blewett, chief operating officer at BCX, says AppZone has a "remarkable asset-base of e-payment software products and intellectual property".
BCX, says Blewett, is looking to jointly seize the financial services opportunities within Nigeria and, ultimately, across Africa.
"The transaction provides a unique opportunity for BCX to grow its existing footprint in a key growth market in Africa and represents a natural extension of the group's cloud strategy."
BCX says AppZone's solutions have potential on a continent where financial inclusion remains a key focus area for governments, commercial banks and micro-financial services providers.
"AppZone is perfectly placed to make a difference by reaching the unbanked, epitomising the BCX group mission to enrich communities by making the impossible possible, through technology."
Emeka Emetarom, chief operating officer at AppZone, says the company was formed in response to the growing need in emerging markets for financial services accessibility to the masses.
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