Zone, NIBSS partner to improve payment process in Nigeria

Zone Payment Network has established a groundbreaking partnership with Nigeria Inter-Bank Settlement System (NIBSS), and Nigeria's first Payment Terminal Service Aggregator to transform the POS payment rail in Nigeria. The collaboration aims to leverage blockchain technology to streamline transaction processing between banks and other financial service providers, enhancing efficiency, reliability, transparency, and security in the payment ecosystem. In a recent interview with CNBC Africa, Obi Emetarom, Co-Founder and CEO of Zone, provided insights into the key objectives and impacts of this innovative partnership. Emetarom highlighted the primary goal of the partnership, emphasizing the elimination of intermediaries within the network to enhance direct peer-to-peer interactions between participants. By integrating the activities of the Payment Terminal Service Aggregator into the blockchain network, Zone has created a seamless monitoring system that ensures effective oversight while promoting a frictionless payment experience for users. Efficiency and transparency emerged as crucial factors in revolutionizing the payment journey for consumers. Emetarom underscored the significance of reliability in transaction processing, reducing uncertainties and chargeback issues that often plague traditional payment systems. Through blockchain integration, Zone's partnership promises to boost reliability and expedite resolution processes, granting customers quick refunds in case of failed transactions. Moreover, the enhanced visibility and reconciliation capabilities offered by the blockchain network ensure transparency throughout the payment process. With terminal owners and banks having complete oversight of transaction states, discrepancies and confusion between transaction statuses can be promptly addressed, bolstering trust and confidence among users. The issue of security also received thorough consideration in the discussion, with Emetarom outlining the robust security features inherent in blockchain technology. The decentralized storage of digital records across various ledgers minimizes the risk of tampering and fraud, offering a secure environment for financial transactions. By mitigating fraudulent activities and enhancing data integrity, Zone's platform aims to fortify the overall security of the payment ecosystem. In terms of market offerings, the partnership with NIBSS and the Payment Terminal Service Aggregator is set to elevate Zone's services in the Nigerian market by providing clients with a compliant yet quality-focused payment solution. The integration of direct interactions with regulatory standards ensures a balance between operational efficiency and adherence to industry regulations. Looking ahead, Emetarom shared insights on the potential impact of such partnerships on financial inclusion efforts. By fostering trust through improved service delivery and mitigating operational costs through a decentralized architecture, Zone's collaboration with regulatory entities paves the way for enhanced accessibility and participation in the financial ecosystem, particularly among underserved populations. Furthermore, the success of this partnership sets a positive precedent for future collaborations with regulatory bodies in other markets, signaling a shift towards blockchain adoption to streamline and enhance payment systems globally. As Zone continues its mission to drive innovation and inclusivity in the financial sector, the outlook for transformative partnerships remains promising. In conclusion, Zone's partnership with NIBSS marks a significant milestone in the evolution of payment processes in Nigeria, heralding a new era of efficiency, transparency, and security in financial transactions. With a strong emphasis on customer experience and regulatory compliance, this collaboration is poised to reshape the landscape of digital payments and propel financial inclusion initiatives to new heights.