Zone Payment Network Limited, formerly known as Appzone, has teamed up with the Nigeria Inter-Bank Settlement System (NIBSS) to improve POS transactions nationwide.
In a statement released to our reporter on Tuesday, the partnership is described as a step towards transforming Nigeria’s payment landscape by utilizing blockchain technology to optimize the payment value chain.
The collaboration is also a response to the Central Bank of Nigeria’s Payment Terminal Service Aggregator regulations, which require all financial service providers to route POS transactions through licensed aggregators.
The statement further explained that through this partnership, Zone and NIBSS will implement decentralized card routing technology, enabling banks and fintech companies to process POS transactions seamlessly and in full compliance with CBN regulations.
One key feature of this partnership is the automated resolution of chargebacks, allowing customers to receive refunds for declined transactions within minutes, while also validating transaction statuses in real time.
Premier Oiwoh, Managing Director and CEO of NIBSS, commented on the partnership, calling it a significant milestone in enhancing the efficiency of Nigeria’s payment system. “By fostering such strategic alliances, we are positioning the country to lead in global payment innovations,” he said.
Obi Emetarom, CEO and Co-founder of Zone, also highlighted the transformative potential of the partnership, stating, “Our collaboration with NIBSS reaffirms our commitment to redefining payment infrastructure in Nigeria. By leveraging blockchain technology, we are setting a new benchmark for seamless, secure, and universally interoperable payments.”
 to improve POS transactions nationwide.){kind=link}