Zone Surpasses ₦1 Trillion in Blockchain Transactions, Expands Into POS Payments
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Zone, a Nigerian payments infrastructure company, has processed over ₦1 trillion in transactions on its blockchain network between November 2022 and December 2024. According to CEO Obi Emetarom, the platform facilitated 100 million transactions, with an average value of ₦10,000 per transaction.
While blockchain remains an emerging technology in banking, Zone’s network has achieved a breakthrough by processing ATM transactions at scale marking a significant milestone for blockchain-powered payments in Nigeria.
Despite a decline in ATM usage where transaction values dropped from ₦32.65 trillion in 2022 to ₦28.2 trillion in 2023—Zone strategically chose ATMs as the starting point for its blockchain deployment. Currently, twelve banks utilize Zone’s network, though only a few have adopted blockchain for ATM transactions.
“If ATM adoption was broader, we would have hit this milestone much faster,” Emetarom explained. “We started with ATMs as a controlled pilot, allowing us to prove the system’s credibility before handling more complex transactions.”
Zone’s blockchain-based infrastructure enables faster settlements for ATM transactions, but its ambitions go beyond cash withdrawals. The company has developed ZonePoS, a system that extends blockchain-powered payments to point-of-sale (POS) terminals.
Scaling Up: From ATMs to POS Terminals
After securing a switching license in 2022, Zone launched a pilot blockchain network for ATM transactions in November of that year. The primary challenge was onboarding banks and convincing regulators that the system could comply with financial regulations. The successful pilot led to a commercial rollout in January 2023.
Zone then turned its focus to POS payments, launching its blockchain network for terminal transactions in June 2024. By August, it had secured a partnership with Nigeria Inter-Bank Settlement System Plc (NIBSS)—Nigeria’s payment switch—to integrate POS transactions into its blockchain ledger.
This partnership marked a significant step, enabling NIBSS to facilitate interactions between POS terminals and customers’ banks on Zone’s regulated blockchain. However, bureaucratic hurdles delayed full integration. Despite reaching an agreement in August, the Central Bank of Nigeria (CBN) only granted approval in December.
“NIBSS operates within a structured regulatory framework, meaning processes must align with their project cycles,” Emetarom noted.
What’s Next for Zone?
Zone has onboarded NIBSS onto its testnet and is currently verifying POS terminal identities on the blockchain. While the network is not yet fully operational for recording transactions, this foundational step ensures data integrity and regulatory compliance.
Looking ahead, Zone aims to expand its blockchain payment rails beyond ATMs and POS terminals. The next phase will focus on account-to-account fund transfers, making blockchain-powered transactions more accessible to everyday Nigerians.
Though Zone has yet to establish formal discussions with international financial institutions, Emetarom is optimistic about expanding the technology beyond Nigeria’s borders. However, the company has remained tight-lipped about its financial performance, citing confidentiality agreements with investors.
With its growing adoption and regulatory acceptance, Zone is positioning itself as a key player in Africa’s blockchain-powered payment ecosystem.
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