Zone Payment Network Limited, formerly known as Appzone, has collaborated with the Nigerian Interbank Payment System to improve point-of-sale transactions across the country.
According to a statement released to Journalists on Tuesday, the partnership, which aims to revolutionize the payments landscape in Nigeria, will leverage blockchain technology to streamline the payment value chain.
It added that the partnership is in response to the Central Bank of Nigeria’s Payment Terminal Services Aggregator Regulations, which mandates all financial service providers to process point-of-sale transactions through licensed aggregators.
The statement said that as part of the partnership, Zone and NIBSS will deploy decentralized card routing technology that will enable banks and fintechs to seamlessly process point-of-sale transactions in full compliance with CBN regulations.
According to the statement, one of the features of the partnership is the automated resolution of chargebacks, allowing customers to receive refunds for declined transactions within minutes while checking the transaction status in real-time.
Commenting on the development, NIBSS Managing Director and CEO, Prime Minister Oyiwo, stressed the importance of the partnership, saying: “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.”
Zone CEO and Co-Founder, Obi Emetarom, highlighted the transformational potential of the partnership, saying: “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 explained.
