Zone Payment Network Limited, formerly known as Appzone, has partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to enhance POS transactions in Nigeria. The collaboration aims to revolutionize the country’s payment landscape by leveraging blockchain technology to streamline the payment value chain.
The partnership is in response to the Central Bank of Nigeria’s Payment Terminal Service Aggregator regulations, which require all financial service providers to route POS transactions through licensed aggregators. Zone and NIBSS will deploy decentralized card routing technology, allowing banks and fintechs to process POS transactions seamlessly and in compliance with CBN regulations.
The partnership features automated resolution of chargebacks, enabling customers to receive refunds for declined transactions within minutes and validating transaction status in real-time. NIBSS Managing Director and CEO, Premier Oiwoh, highlighted the importance of the partnership, stating that it will enhance the efficiency of Nigeria’s payment system.
Zone CEO and Co-founder, Obi Emetarom, emphasized the transformative potential of the partnership, noting that it will redefine payment infrastructure in Nigeria by harnessing blockchain technology to set a new benchmark for seamless, secure, and universally interoperable payments.
