Three fintech operators in Nigeria have joined the growing list of providers using the decentralized payment network by the Zone Network.
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
The three are well-known and accomplished businesses and include:
Baxi by Onafriq, a leading payment service provider
FairMoney Microfinance Bank, and
KongaPay, a licensed mobile money operator known for its seamless and secure payment solutions
They join over 20 financial institutions, including some of the continent’s leading banks like First Bank, UBA, and Zenith Bank that are utilizing Zone’s blockchain-enabled payment processing functions that enable:
Direct Transaction Routing: Eliminating intermediaries and reducing failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs
End-to-End Transparency: Providing automatic reconciliation, which eliminates chargebacks and prevents chargeback fraud
Same-Day Settlement: Delivering quicker value for successful transactions to financial institutions and their customers
“We are excited to welcome Baxi, FairMoney, and KongaPay to our network. Their integration is an important step in our journey to advance the payment landscape in Africa and beyond,” said Obi Emetarom, CEO and co-founder of Zone.
The expansion comes on the back of Zone’s recent launch of its decentralized PoS Payment Gateway product, ZonePOS, and the strategic partnership with Nigeria Inter-Bank Settlement System (NIBSS) Plc to decentralize Payment Terminal Service Aggregator (PTSA) functions using Blockchain Technology.
BANKING | The Nigerian Inter-Bank Settlement Scheme (NIBSS) Adopts Zone’s Point-of-Sale Blockchain System to Process Transactions
Zone, the only blockchain financial institutions licensed to provide switching and processing services in Nigeria, runs a layer 1 blockchain… pic.twitter.com/00ey2Aiu9d
— BitKE (@BitcoinKE) August 22, 2024
According to Zone, the expansion of its network and its recent partnership with NIBSS to enhance Payment Terminal Service Aggregator (PTSA) operations using blockchain technology demonstrates the growing acceptance and transformative potential of regulated blockchain in mainstream finance.
“It underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless, and universally interoperable payment experiences across various financial service verticals. As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem.”
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About Zone
Zone is a regulated blockchain network that enables payments and issuance of digital currencies. The Zone Network. a Layer-1 Blockchain network, is digitizing fiat payments and enabling the transition to digital currencies while connecting previously excluded financial institutions into an all inclusive payment ecosystem.
In November of 2022, Appzone evolved to become Zone; Africa’s first layer-1 Blockchain network and decentralized infrastructure for payment in Fiat money and digital currencies.
Zone allows participating institutions connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation and dispute management.
The absence of an intermediary or middleman in Zone’s architecture saves participating institutions money, enhances reliability, and eliminates reconciliation delays.
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