The Nigeria Inter-Bank Settlement System and Zone Payment Network Limited, formerly Appzone, have partnered to improve point-of-sale transactions across the country.
The statement on Tuesday, states that the partnership will use blockchain technology to expedite the payment value chain in an effort to transform Nigeria’s payment landscape, according to The Punch.
It added that the partnership comes in response to the Central Bank of Nigeria’s Payment Terminal Service Aggregator regulations, which mandate all financial service providers to route POS transactions through licensed aggregators.
According to the statement, Zone and NIBSS will collaborate to implement decentralized card routing technology, which would enable banks and fintechs to execute point-of-sale transactions in a seamless manner while adhering to CBN standards.
Commenting on the development, the Managing Director and CEO of NIBSS, Premier Oiwoh, stated “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.”
Meanwhile, the CEO and Co-founder of Zone, Obi Emetarom emphasized the partnership’s capacity for transformation, pointing out “Our collaboration with NIBSS reaffirms our commitment to redefining payment infrastructure in Nigeria. By harnessing blockchain technology, we are setting a new benchmark for seamless, secure, and universally interoperable payments.”
