Zone Payment Network Partners with NIBSS to Revolutionise POS Transactions
Zone Payment Network Limited, formerly known as Appzone, has entered into a groundbreaking partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to enhance Point of Sale (POS) transactions across the country. This collaboration aims to significantly upgrade Nigeria’s payment infrastructure by leveraging the power of blockchain technology.
In a statement released on Tuesday, the companies announced that their partnership is a direct response to the Central Bank of Nigeria’s (CBN) Payment Terminal Service Aggregator regulations. These regulations require all financial service providers to route POS transactions through licensed aggregators, a mandate that has prompted the need for innovative solutions to ensure compliance and efficiency.
The partnership between Zone and NIBSS will see the deployment of decentralised card routing technology, allowing banks and fintech firms to process POS transactions seamlessly and in full compliance with CBN’s directives. One of the key features of this collaboration is the introduction of an automated system for resolving chargebacks. This system will enable customers to receive refunds for declined transactions within minutes while also providing real-time validation of transaction status.
Premier Oiwoh, Managing Director and CEO of NIBSS, underscored the significance of this partnership, describing it as a critical step in enhancing the efficiency of Nigeria’s payment systems. “This collaboration with Zone is a significant milestone in our drive to improve the efficiency of Nigeria’s payment system. By fostering such strategic alliances, we are positioning the country to lead in global payment innovations,” Oiwoh remarked.
Obi Emetarom, CEO and Co-founder of Zone, also highlighted the transformative potential of this initiative. He stated, “Our collaboration with NIBSS reaffirms our commitment to redefining payment infrastructure in Nigeria. By harnessing blockchain technology, we are setting a new benchmark for seamless, secure, and universally interoperable payments.”
This partnership is poised to revolutionise the way POS transactions are conducted in Nigeria, offering a more efficient, secure, and transparent system that benefits both consumers and financial institutions. As the country continues to embrace digital transformation, such collaborations are expected to play a crucial role in driving the next wave of innovation in the payment sector.
