Zone, rated Africa’s fastest growing blockchain company in 2023, has partnered with the Nigerian Inter-Bank Settlement Scheme (NIBSS) to introduce blockchain technology to Point-of-sale (POS) terminal payments.
🇳🇬 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
According to Zone, the partnership is set to enhance the POS payment rail by utilizing blockchain technology to facilitate transaction processing between banks and other financial service providers.
The move will significantly enhance the reliability and security of transactions while ensuring efficient and secure processing, Zone added.
“With the introduction of decentralized card routing, banks and fintechs will be able to perform card routing between POS terminals and cardholder banks while remaining fully compliant with both payment switching and PTSA regulations as defined by the Central Bank [of Nigeria],” said Zone.
“A critical feature of this partnership is the automated resolution of chargebacks, allowing refunds for declined transactions to be processed within minutes, eliminating the need for manual intervention and reducing the inconvenience of frequent bank visits for customers.”
Additionally, it will validate final transaction status in real-time, thereby enhancing liquidity and improving overall business operations. This timely access to funds is a game-changer for merchants.
Nigeria Interbank Settlement System (NIBSS) is Now Available on the eNaira Platform, Says the Central Bank of Nigeria 🇳🇬
This means Nigeria’s payments backbone means users can now transfer funds from their eNaira wallet to any bank account in Nigeria.https://t.co/ig6ePsxFNi pic.twitter.com/RbEGThDP5o
— BitKE (@BitcoinKE) August 30, 2022
In June 2024, Zone announced the launch of its “ZonePOS” point-of-sale payment gateway solution which was billed as a comprehensive payment processing solution to banks and fintechs that deploy PoS payment terminals.
🇳🇬FINTECH NIGERIA | Nigerian Fintech, Zone, Launches Point-of-Sale Payment Gateway Powered by Blockchain
Zone works with over 20 of the biggest commercial banks, fintechs and OFIs in Africa connected to its Layer-1 blockchain network. It was the only blockchain entity on… pic.twitter.com/hJQUUPb1co
— BitKE (@BitcoinKE) June 6, 2024
Zone, the only blockchain financial institutions licensed to provide switching and processing services in Nigeria, 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.
Zone first implemented its blockchain technology in automated teller machines (ATMs) before creating a module within its layer-1 blockchain system to accommodate POS payments.
Unlike ATM transactions that did not need a Payment Terminal Service Aggregator (PTSA), Zone says the partnership with NIBSS was crucial as its switching licence was not enough to grant it access to POS payments.
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About NIBSS
Nigeria Inter-Bank Settlement System Plc (NIBSS), established in 1993 and jointly owned by all licensed banks, including the Central Bank of Nigeria (CBN), commenced operations in June 1994.
NIBSS has developed world-class infrastructure to efficiently manage inter-bank payments, eliminating potential bottlenecks in funds transfer and settlement.
The Board of NIBSS is chaired by the Deputy Governor, Financial System Stability of the Central Bank of Nigeria, and comprises Managing Directors/CEOs and Executive Directors of banks as Directors.
NIBSS operations are underpinned by state-of-the-art Information and Communication Technology infrastructure, ensuring automated online processes and robust data security measures. This setup enables NIBSS to deliver world-class payment and settlement services while effectively mitigating operational and credit risks associated with inter-bank transfers.
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