Baxi by Onafriq, FairMoney Microfinance Bank, and KongaPay have recently joined other leading banks and fintech companies on the decentralized payment network called Zone. This move comes after Zone’s launch of its decentralized PoS payment gateway product, ZonePOS, and its strategic partnership with Nigeria Inter-Bank Settlement System (NIBSS) to decentralize Payment Terminal Service Aggregator (PTSA) functions using blockchain technology.
With the recent addition of Baxi, FairMoney, and KongaPay, Zone’s technology has proven to be applicable and appealing across various segments of the financial services industry. The CEO and co-founder of Zone, Obi Emetarom, expressed excitement about welcoming these companies to the network, emphasizing the trust in Zone’s technology and its ability to deliver reliable and interoperable payment experiences.
Zone’s expansion and partnership with NIBSS signify the growing acceptance and potential of regulated blockchain in mainstream finance. This is expected to set a new standard for payment processing in Nigeria and beyond, offering improved customer experiences, operational efficiency, reduced transaction costs, and enhanced financial inclusion.
Through integration with Zone’s regulated blockchain network, Baxi, FairMoney, and KongaPay will enhance their payment processing capabilities, benefiting from direct transaction routing, transparency for automatic reconciliation, and same-day settlement for quicker value delivery.
Zone obtained a payment switching and processing license from the Central Bank of Nigeria in 2022, making it Africa’s first regulated blockchain network for payments. Overall, this development represents a significant advancement in the financial services landscape, promising a more efficient and inclusive financial ecosystem.
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