Zone Partners NIBSS to Revolutionize Nigeria’s PoS Payment Infrastructure With Blockchain Technology
Zone Payment Network Limited has partnered with Nigeria Inter-Bank Settlement System (NIBSS) Plc, the National Central Switch, to launch Nigeria’s first Payment Terminal Service Aggregator (PTSA).
This collaboration is set to transform the POS payment value chain by leveraging advanced blockchain technology to enhance interoperability.
To address challenges related to transparency and to streamline payment processes in Nigeria’s Payment System, the Central Bank of Nigeria (CBN) introduced the PTSA license category. Under this regulation, all licensed financial service providers are required to connect and route their POS transactions through a PTSA.
The objective is to improve the payment experience for individuals and merchants, optimize reconciliation processes, and reduce financial losses and operational costs for banks and other financial institutions.
This strategic partnership aims to strengthen the POS payment infrastructure by utilizing blockchain technology for transaction processing between banks and other financial service providers. It will significantly enhance the reliability and security of transactions, ensuring efficient and secure processing.
Additionally, with the introduction of decentralized card routing, banks and fintechs will be able to route cards between POS terminals and cardholder banks while remaining fully compliant with both payment switching and PTSA regulations established by the Central Bank.
Speaking on this, Managing Director and CEO of NIBSS, Premier Oiwoh said,
“These partnerships and collaborations with key industry players represent a significant milestone in our mission to drive innovation and enhance the efficiency of the payment system. The strategic alliances will revolutionise the ecosystem, offering improved operational efficiency, cost savings and enhanced financial inclusion, ultimately positioning Nigeria at the forefront of the global payment space”.
Also speaking CEO and Co-founder of Zone, Obi Emetarom said,
“This partnership with NIBSS reflects our unwavering commitment to transform the payment landscape in Nigeria. By harnessing the power of blockchain technology, we are setting a new standard for reliable, frictionless, and universally interoperable payments in the industry.”
Source: The Nation
