Leading Nigerian Banks Integrate With Zone’s Blockchain Network For Enhanced Payment Solutions

Zone, Africa’s rapidly growing payment infrastructure company, has announced the integration of three of the continent’s most significant financial institutions—First Bank, UBA, and Zenith Bank, into its decentralized payment network.

This development comes on the heels of Zone’s recent $8.5 million seed funding round led by Flourish Ventures and TLcom Capital, and the launch of its decentralized PoS Payment Gateway, ZonePOS. These milestones mark significant strides in Zone’s mission to connect every monetary store of value using blockchain technology.

In 2022, Zone received a switching and processing license from the Central Bank of Nigeria, establishing its payment infrastructure as Africa’s first regulated blockchain network for payments. By integrating with Zone’s regulated blockchain network, UBA, Zenith Bank, First Bank, and other financial service providers on the network will greatly enhance their payment processing capabilities. This integration allows these banks to route transactions directly between network participants, bypassing intermediaries, and reducing failure points, resulting in faster, more reliable, and scalable transaction processing at lower costs.

Zone’s blockchain-powered payment infrastructure is set to revolutionize Nigeria’s payment industry and support the move towards a cashless society. With leading banks like Zenith Bank, First Bank, and UBA already integrated and processing transactions on their network, the benefits extend beyond improved transaction reliability. Direct connections between financial service providers reduce payment friction and operational risks. Zone’s network offers end-to-end transparency and automatic reconciliation, which eliminates chargebacks, prevents chargeback fraud, and ensures same-day settlement for financial institutions and their customers.

Commenting on the announcement, Obi Emetarom, CEO and co-founder of Zone, said,

“We are thrilled to have UBA, Zenith Bank, and First Bank on our network. Their integration into our decentralized payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world. Having some of Africa’s largest and most reputable financial institutions underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless and universally interoperable payment experiences. 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 operating without cash.”