Olufemi Adeyemi
Zone Payment Network Limited, formerly known as Appzone, has partnered with the Nigeria Inter-Bank Settlement System to improve POS transactions nationwide.
This collaboration aims to revolutionize Nigeria’s payment
landscape by utilizing blockchain technology to optimize the payment value
chain, as stated in a press release issued on Tuesday.
The partnership responds to the Central Bank of Nigeria’s
Payment Terminal Service Aggregator regulations, which require all financial
service providers to route POS transactions through authorized aggregators.
The joint statement Indicated that through this
collaboration, Zone and NIBSS will implement decentralized card routing
technology, enabling banks and fintech companies to efficiently process POS
transactions in strict adherence to CBN regulations.
One notable feature of this partnership is the automated
resolution of chargebacks, ensuring that customers receive prompt refunds for
declined transactions within minutes, while simultaneously validating
transaction status in real time.
In reference to the recent development, the Managing
Director and CEO of NIBSS, Premier Oiwoh, underscored the significance of the
partnership, emphasizing, “This collaboration with Zone represents a pivotal
milestone in our endeavor to augment the efficacy of Nigeria’s payment system.
By cultivating such strategic alliances, we are propelling the nation towards a
leadership position in global payment innovations.”
The CEO and Co-founder of Zone, Obi Emetarom, accentuated
the transformative potential of the partnership, remarking, “Our collaboration
with NIBSS underscores our unwavering commitment to redefining the payment
infrastructure in Nigeria. By leveraging blockchain technology, we are
establishing a new paradigm for seamless, secure, and universally interoperable
payments.”