Leading banks and fintechs have joined Zone’s regulated blockchain network for payments, along with Accelerex and ITEX, two of Nigeria’s top payment service providers. These two institutions, which account for more than 50% of the market share for bank-focused PTSP services, will employ payments powered by Zone, Africa’s fastest-growing payment infrastructure startup. This will signal a major move toward blockchain-enabled payments as the new norm for financial institutions.
As pioneers in their respective industries, Accelerex and ITEX supply the technology that facilitates monthly transactions totalling billions of dollars at merchant sites throughout Nigeria. They obtain access to a more dependable, effective, and compliant payment infrastructure by integrating with Zone’s decentralized payment network, which removes transaction failures and permits immediate settlements for merchants and financial institutions.
Historically, Nigeria’s traditional centralised payment system has resulted in several points of failure, delays, and inefficient reconciliation. Accelerex and ITEX are now able to avoid middlemen by switching to Zone’s regulated blockchain network, which guarantees direct transaction routing to issuers and real-time reconciliation that gets rid of chargebacks and chargeback fraud.
Since Zone’s controlled blockchain network is completely compliant and recognized by the CBN, both businesses will greatly improve their service offerings to Acquirers (commercial banks), who are their main clients, while also abiding by pertinent Central Bank standards.
“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance; ultimately improving transaction efficiency across Nigeria,” said Chuks Anakudo, Managing Director of Accelerex Nigeria, in reference to the partnership. This demonstrates our dedication to provide our clients the greatest possible payment experience.
The Significance of These Collaborations
By facilitating two-way communication between issuers and acquirers, direct transaction routing decreases transaction disruptions and eliminates failure sites.
Real-time settlements improve cash flow and liquidity for financial institutions and retailers by settling transactions instantly.
Automated Reconciliation & Chargeback Prevention: By guaranteeing complete transaction visibility, the blockchain network helps to avoid chargeback disputes and fraud.
CBN & PTSA Compliance: Zone’s infrastructure satisfies PTSA regulatory standards, offering all participants a pleasant balance of regulatory compliance and excellent service quality.
According to Obi Emetarom, co-founder and CEO of Zone, “the industry-wide shift is signaled by the adoption of blockchain payments by major players like Accelerex and ITEX.” “We take pride in offering the regulated blockchain infrastructure that enables this transformation as financial institutions place a high priority on operational effectiveness, payment reliability, and compliance.”
The financial sector is at a turning point as two of the biggest payment service providers are already using blockchain-powered payments. Zone is leading the charge to facilitate this shift as more organizations realize how important it is to update their infrastructure.
Regarding Accelerex
One of Africa’s top Fintech firms, Accelerex provides businesses with reliable payment solutions and has made a name for itself as the go-to physical payments partner for all Nigerian merchant acquiring banks. Since 2018, the Fintech company has maintained a constant ranking as one of the leading providers of payment channel services (based on the value of transactions handled) in Nigeria, with over 150,000 merchants and agent endpoints around Africa. At the moment, it works in Ghana, Nigeria, and other East African countries.
Regarding ITEX
A CBN-licensed super-agent and pioneer in payment technology, ITEX Integrated Services Limited offers agency banking, payment acceptance systems, and financial services all over Nigeria. With its strong payment infrastructure and industry alliances, ITEX is dedicated to promoting financial inclusion.
Regarding Zone
Zone is a blockchain network under regulation that facilitates digital currency acceptance and payments. Its Layer-1 Blockchain network links previously uninvolved financial institutions into a comprehensive payment ecosystem, digitizing Fiat payments and facilitating the shift to digital currencies. Zone, Africa’s first decentralized payment network, fully automates settlement, reconciliation, and dispute resolution while enabling direct connections between participating institutions and payment transactions without the need for a middleman. The company is laying the groundwork for the decentralized financial services of the future by collaborating with the most brilliant brains on the continent. Its goal is to use blockchain technology to link all monetary stores of value. For additional details, please go to www.zonenetwork.com.
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