Zone Payment Network Limited (formerly Appzone) has announced a strategic partnership with the Nigeria Inter-Bank Settlement System (NIBSS) to advance Point of Sale (POS) transactions across Nigeria. This collaboration aims to transform the payment landscape by leveraging blockchain technology to streamline the payment value chain.
The partnership aligns with the Central Bank of Nigeria’s Payment Terminal Service Aggregator regulations, which require all financial service providers to route POS transactions through licensed aggregators. Zone and NIBSS will implement decentralized card routing technology to enable banks and fintechs to process POS transactions in full compliance with these regulations.
A key feature of this collaboration is the automated resolution of chargebacks. This will allow customers to receive refunds for declined transactions within minutes and validate transaction status in real-time.
Premier Oiwoh, Managing Director and CEO of NIBSS, emphasized the significance of the partnership, stating, “This collaboration with Zone is a significant milestone in our drive to enhance the efficiency of Nigeria’s payment system. By fostering such strategic alliances, we are positioning the country to lead in global payment innovations.”
Obi Emetarom, CEO and Co-founder of Zone, highlighted the partnership’s transformative potential. “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,” he said.
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