Zenith Bank, First Bank, and UBA Join Zone’s Decentralized Payment Network

Three of the biggest banks in the country – Zenith, First Bank and UBA – have joined Zone’s decentralized payment network. 

Zone, the fastest growing payment infrastructure company in Africa, has announced the onboarding of the tier-1 banks onto its regulated blockchain based payment network. 

This follows Zone’s recent $8.5m seed funding and the launch of its decentralized PoS Payment Gateway, ZonePOS.

Significance of the Integration

Obi Emetarom, CEO and co-founder of Zone, expressed excitement about the banks’ integration, stating, “Their integration into our decentralized payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world. Having some of Africa’s largest and most reputable financial institutions underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless and universally interoperable payment experiences.”

Benefits for Zenith Bank, First Bank, and UBA

By Zenith Bank, First Bank, and UBA being on Zone’s decentralized payment network, they will be able to supercharge their payment processing. 

They will also be able to route transactions directly between participants on the network, cutting out intermediaries and failure points. That means faster, more reliable, cheaper.

Read Next: Zone, Nigerian Payments Startup, Raises $8.5m in First Funding as a Standalone Business

Zone’s Impact on Nigeria’s Payment Industry

Zone’s unique blockchain-powered payment infrastructure is expected to serve as a major catalyst in the transformation of Nigeria’s payment industry and the actualization of a cashless society. 

The network provides end-to-end transparency and automatic reconciliation, eliminating chargebacks, preventing chargeback fraud, and delivering same-day settlement to financial institutions and their customers.

Zone’s Commitment to an Inclusive Financial Ecosystem

As Zone continues to expand and enhance its payment network, the company remains committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem operating without cash. 

The integration of Zenith Bank, First Bank, and UBA marks a significant step towards this goal.

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