Fintech, NIBSS Partner to Boost POS Transactions

Zone Payment Network Limited, formerly known as Appzone, has collaborated with the Nigeria Inter-Bank Settlement System to enhance POS transactions across the country.

According to a statement on Tuesday, the collaboration, aimed at revolutionising Nigeria’s payment landscape, will leverage blockchain technology to streamline the payment value chain.

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.

The statement noted that through this collaboration, Zone and NIBSS will deploy decentralised card routing technology that allows banks and fintechs to seamlessly process POS transactions in full compliance with CBN regulations.

According to the statement, one of the features of this partnership is the automated resolution of chargebacks, allowing customers to receive refunds for declined transactions within minutes while also validating transaction status in real-time.

Commenting on the development, Premier Oiwoh, the 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.”

The CEO and Co-founder of Zone, Obi Emetarom, emphasised the transformative potential of the partnership, noting that “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,” he stated.