Zone, a Nigerian blockchain startup facilitating payment processing for banks and fintechs, has announced the launch of its new “ZonePOS” point-of-sale payment gateway solution.
According to a statement by the company, the introduction of ZonePoS brings a comprehensive payment processing solution to banks and fintechs that deploy PoS payment terminals.
Additionally, they said the product promises transaction reliability through direct routing of transactions to issuers, same-day settlement for beneficiaries and their financial institutions, and a robust framework eliminating chargebacks and chargeback fraud.
“Our advanced PoS payment gateway eliminates chargebacks and chargeback fraud on PoS terminals by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time — thereby building a foundation of trust and satisfaction among all parties involved.”
– Zone
Zone, which, as reported by BitKE, was the only blockchain company that made it to the list of Africa’s fastest-growing companies 2023, runs a layer 1 blockchain network that enables direct transaction flow between financial service providers without an intermediary. It automates settlement, reconciliation, and dispute management, with more than 15 of Africa’s leading banks and fintechs said to be utilizing its network for payments processing.
🇳🇬 Nigerian Firm, Zone, was ranked 74th on ‘Africa’s Fastest Growing Companies 2023’ list making it the only blockchain-based organization on the top 100.
The list was created by @FT and @StatistaCharts https://t.co/aoigFIR0lA pic.twitter.com/B2M1c36Fcw
— BitKE (@BitcoinKE) May 12, 2023
When the company raised $8.5 million in its first venture capital funding in March 2024, it said it would roll out more use cases for its blockchain network beyond ATMs to reach more users.
🇳🇬FUNDING | Nigerian Blockchain Startup, Zone, Raises $8.5 Million, Aims to Expand Use Cases and Technology
As reported by BitKE, Zone was the only blockchain company that made it to the 2023 list of Africa’s fastest-growing companies.https://t.co/OvRJuG2EKh pic.twitter.com/PgWX0GrWwZ
— BitKE (@BitcoinKE) March 19, 2024
“With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency,” said Obi Emetarom, CEO and Co-Founder of Zone.
The blockchain-powered payment infrastructure (a CBN-licensed payment switch) is able to implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments.
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