• Thursday, July 18, 2024
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Banks join Zone’s decentralised payment network

Banks join Zone’s decentralised payment network

First Bank, United Bank for Africa and Zenith Bank have joined other banks on Zone’s decentralised payment network.

Zone, Africa’s fastest-growing payment infrastructure company said this in a statement where it announced that three of Africa’s largest and most prominent financial institutions.

“We are thrilled to have United Bank for Africa, Zenith Bank, and First Bank in our network. Their integration into our decentralised payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world,” Obi Emetarom, CEO and co-founder of Zone, said.

He said 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.

“As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem operating without cash,” Emetarom said.

Read also: Zone unveils blockchain-powered PoS payment gateway to eliminate fraud

Zone recently obtained a $8.5 million seed funding round led by Flourish Ventures and TLcom Capital, and the launch of its decentralized PoS Payment Gateway, ZonePOS.

“These milestones represent major advancements towards the company’s mission of connecting every monetary store of value by harnessing the power of blockchain,” the firm said in a statement.

Zone secured a switching and processing license from the Central Bank of Nigeria in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments.

It said that integrating with Zone’s regulated blockchain network, UBA, Zenith Bank, and First Bank along with other financial service providers already on the network, will significantly enhance their payment processing capabilities.

“These banks will benefit from being able to route transactions directly between participants on the network, which eliminates intermediaries and reduces failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs,” Zone stated.