Zenith Bank, First Bank, and UBA join other banks on Zone’s decentralized payment network

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UBA, Zenith Bank, and First Bank will significantly enhance their payment processing capabilities on the Zone network
Zenith Bank, First Bank, and UBA join other banks on Zone’s decentralized payment network

Africa’s fastest-growing payment infrastructure company,  Zone, today announced that three of Africa’s largest and most prominent financial institutions; First Bank, UBA, and Zenith Bank, have joined other Banks and Fintechs on its decentralized payment network. This was disclosed in a statement seen by Technext.

This announcement follows 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 represent major advancements towards the company’s mission of connecting every monetary store of value by harnessing the power of blockchain.

Commenting about the development, CEO and co-founder of Zone, Obi Emetarom said the integration of the banks represents a significant milestone in the financial technology company’s journey towards its mission of advancing the payment space in Nigeria.

“We are thrilled to have UBA, Zenith Bank, and First Bank in 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,” Emetarom said.

Zone launches decentralized PoS payment gateway to eliminate failure points and chargeback fraud

First Bank, UBA and Zenith Bank to benefit from Zone’s infrastructure

Founded in 2008 and rebranded in 2022, Zone is a regulated blockchain network that enables payments and acceptance of digital currencies. Its Layer-1 Blockchain network digitises Fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem.

The company prides itself as Africa’s first decentralised payment network which allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.

The payment company secured a switching and processing license from the Central Bank of Nigeria in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments. Thus, by integrating with Zone’s regulated blockchain network, UBA, Zenith Bank, and First Bank along with other financial service providers already on the network, will significantly enhance their payment processing capabilities.

According to the company, the banks will benefit from being able to route transactions directly between participants on the network. This eliminates intermediaries and reduces failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs. 

With its unique architecture and underlying technology, the company’s blockchain-powered payment infrastructure is expected to serve as a major catalyst in the transformation of Nigeria’s payment industry and the actualization of the highly anticipated cashless society.

Zenith Bank, First Bank, and UBA join other banks on Zone’s decentralized payment network
Zone

With leading banks like Zenith Bank, First Bank, and UBA already integrated and processing transactions on its network, the industry stands to gain more than just improved transaction reliability. This is because connecting financial service providers directly with each other also delivers payment experiences with significantly less friction and allows payment service providers to function with little to no operational risks.

Specifically, Zone’s network provides end-to-end transparency and automatic reconciliation, which eliminates chargebacks, prevents chargeback fraud, and delivers same-day settlement to financial institutions and their customers. 

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,” CEO, Obi Emetarom said.

See also: Nigerian blockchain company, Zone raises $8.5m in oversubscribed seed funding round


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