Zone Payment Network by previously known as Appzone, has partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to enhance POS transaction efficiency across the nation.
A statement provided to The PUNCH on Tuesday revealed that this partnership is designed to transform Nigeria’s payment landscape by incorporating blockchain technology to simplify the payment value chain.
This collaboration is in response to the Central Bank of Nigeria’s Payment Terminal Service Aggregator guidelines, which mandate that all financial institutions route POS transactions via approved aggregators.
The statement further detailed that Zone and NIBSS will implement decentralized card routing technology, enabling banks and fintechs to process POS transactions smoothly, while remaining fully compliant with CBN regulations.
A notable feature of this partnership is the automated chargeback resolution system, which allows customers to receive refunds for unsuccessful transactions within minutes and provides real-time validation of transaction status.
Premier Oiwoh, the Managing Director and CEO of NIBSS, remarked on the partnership’s significance, stating, “This collaboration with Zone represents a major advancement in our mission to improve the efficiency of Nigeria’s payment system. By forging such strategic partnerships, we are positioning Nigeria to be a leader in global payment innovation.”
Obi Emetarom, CEO and Co-founder of Zone, emphasized the groundbreaking potential of the partnership, saying, “Our partnership with NIBSS highlights our commitment to redefining payment infrastructure in Nigeria. By utilizing blockchain technology, we are establishing a new benchmark for secure, seamless, and universally interoperable payments,” he added.
