Zone, a Nigerian payment infrastructure company, has reached a groundbreaking milestone, processing over ₦1 trillion in transactions on its blockchain network between November 2022 and December 2024. This achievement, which includes 100 million transactions averaging ₦10,000 each, marks a significant step in integrating blockchain technology into Nigeria’s financial ecosystem.
Transforming ATM and POS Payments
Zone initially focused on automated teller machine (ATM) transactions as a pilot for its blockchain-powered network. Despite the decline in ATM usage, transaction values dropped from ₦32.65 trillion in 2022 to ₦28.2 trillion in 2023, the company recorded notable success. Twelve banks currently use Zone’s blockchain for faster settlement rates on ATMs, with plans to expand further.
In June 2024, Zone extended its blockchain to Point-of-Sale (POS) terminals, addressing persistent challenges like transaction failures and chargebacks. By August, it partnered with the Nigeria Inter-Bank Settlement System (NIBSS) to integrate POS transactions into its regulated blockchain ledger. This collaboration allows NIBSS to manage interactions between banks and POS terminals on Zone’s network, ensuring compliance and enhancing reliability.
Balancing Innovation and Regulation
Zone’s success stems from its ability to align blockchain innovation with regulatory requirements. CEO Obi Emetarom explained that the company adopted a semi-decentralized approach to meet compliance standards while maintaining blockchain’s transparency and efficiency. This strategy has earned the trust of major financial institutions like Zenith Bank and UBA.
The Central Bank of Nigeria (CBN) approved Zone’s partnership with NIBSS in December 2024, following delays caused by regulatory processes. Currently, Zone is testing its network to ensure data integrity before full-scale deployment.
Zone plans to expand its services to account-to-account fund transfers, bringing blockchain technology closer to everyday Nigerians. With its innovative solutions and growing partnerships, the company is poised to redefine digital payments in Nigeria and potentially export its technology across Africa.
