NIBSS and Zone Payment Network Team Up to Enhance POS Transactions in Nigeria

In a move aimed at revolutionising the country’s payment landscape, Zone Payment Network Limited, formerly known as Appzone, has partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to boost POS transactions across the country.

According to a statement released on Tuesday, the collaboration will leverage blockchain technology to streamline the payment value chain. The partnership comes in response to the Central Bank of Nigeria’s (CBN) Payment Terminal Service Aggregator regulations, which require all financial service providers to route POS transactions through licensed aggregators.

The collaboration will see Zone and NIBSS deploy decentralised card routing technology, allowing banks and fintechs to seamlessly process POS transactions in full compliance with CBN regulations. One of the key features of this partnership is the automated resolution of chargebacks, enabling customers to receive refunds for declined transactions within minutes, while also validating transaction status in real-time.

Premier Oiwoh, Managing Director and CEO of NIBSS, highlighted the importance 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, added that the partnership reaffirms their commitment to redefining payment infrastructure in Nigeria. He stated, “By harnessing blockchain technology, we are setting a new benchmark for seamless, secure, and universally interoperable payments.”

With this collaboration, Nigeria is taking a significant step towards enhancing the efficiency of its payment system, positioning the country for success in the global payment landscape.