- Zone, Africa’s fastest-growing payment infrastructure company, announced that First Bank, UBA, and Zenith Bank have joined its decentralized payment network, following an $8.5 million seed funding round and the launch of ZonePOS.
- By integrating with Zone’s regulated blockchain network, these banks will enhance their payment processing capabilities, benefiting from faster, more reliable, and scalable transaction processing at lower costs.
- Zone’s network offers end-to-end transparency, automatic reconciliation, and same-day settlement, aiming to transform Nigeria’s payment industry and support the shift towards a cashless society.
Africa’s fastest-growing payment infrastructure company has announced that three of the continent’s largest and most prominent financial institutions—First Bank, UBA, and Zenith Bank—have joined its decentralized payment network, alongside other banks and fintech firms. This significant development 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 mark significant progress towards Zone’s mission to connect every monetary store of value using the power of blockchain. In 2022, Zone secured a switching and processing license from the Central Bank of Nigeria, making its payment infrastructure Africa’s first regulated blockchain network for payments. By integrating with Zone’s network, UBA, Zenith Bank, and First Bank, along with other financial service providers, will greatly enhance their payment processing capabilities.
These banks will benefit from direct transaction routing between network participants, eliminating intermediaries and reducing failure points. This results in faster, more reliable, and scalable transaction processing at lower costs. Zone’s unique architecture and underlying technology are expected to play a crucial role in transforming Nigeria’s payment industry and realizing the vision of a cashless society.
With leading banks like Zenith Bank, First Bank, and UBA integrated into the network, the industry stands to gain more than just improved transaction reliability. Direct connections between financial service providers reduce friction and operational risks, while also enhancing payment experiences. Specifically, Zone’s network offers end-to-end transparency and automatic reconciliation, eliminating chargebacks, preventing chargeback fraud, and enabling same-day settlement for financial institutions and their customers.
Obi Emetarom, CEO and co-founder of Zone, commented on the announcement: “We are thrilled to have UBA, Zenith Bank, and First Bank in our network. Their integration is a significant milestone in our journey to advance the payment landscape in Nigeria and globally. The inclusion of Africa’s largest and most reputable financial institutions underscores the growing trust in our technology and its ability to deliver reliable, frictionless, and universally interoperable payment experiences. 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.”
Zone is a regulated blockchain network that enables payments and acceptance of digital currencies. Its Layer-1 Blockchain network digitizes fiat payments and facilitates the transition to digital currencies, while connecting previously excluded financial institutions into an all-inclusive payment ecosystem. As Africa’s first decentralized payment network, Zone allows participating institutions to connect directly and perform transactions without intermediaries, automating settlement, reconciliation, and dispute management. The company collaborates with top talent on the continent to lay the foundation for the decentralized future of financial services, with a mission to connect every monetary store of value by harnessing the power of blockchain.
