Zone, Africa’s rapidly expanding payment infrastructure company, has announced a significant expansion of its decentralized payment network with the integration of three of Africa's most prominent financial institutions: First Bank, United Bank for Africa (UBA), and Zenith Bank. This pivotal development, disclosed in a statement seen by Technext, signifies a major stride in Zone's mission to revolutionize the payment landscape by harnessing blockchain technology.

This announcement comes on the heels of several recent milestones for Zone, including a successful $8.5 million seed funding round led by Flourish Ventures and TLcom Capital. Furthermore, the company recently launched ZonePOS, its innovative decentralized Point-of-Sale Payment Gateway. These achievements collectively underscore Zone's commitment to connecting every monetary store of value and fostering a universally interoperable payment ecosystem.

Obi Emetarom, CEO and co-founder of Zone, expressed enthusiasm regarding the new integrations, stating that the participation of UBA, Zenith Bank, and First Bank represents a crucial advancement in the company’s journey to enhance payment experiences in Nigeria and globally. He emphasized that the involvement of such large and reputable financial institutions highlights the increasing confidence in Zone's technology and its capability to deliver reliable, frictionless, and interoperable payment solutions.

Founded in 2008 and rebranded in 2022, Zone operates as a regulated blockchain network designed to facilitate payments and the acceptance of digital currencies. Its proprietary Layer-1 Blockchain network plays a crucial role in digitizing Fiat payments and enabling the seamless transition towards digital currencies. Critically, it connects previously underserved financial institutions, integrating them into an all-inclusive payment ecosystem.

Distinguishing itself as Africa’s first decentralized payment network, Zone empowers participating institutions to engage in direct payment transactions without the need for intermediaries. This architecture fully automates processes such as settlement, reconciliation, and dispute management, streamlining operations and enhancing efficiency. Zone secured a switching and processing license from the Central Bank of Nigeria in 2022, solidifying its position as Africa's first regulated blockchain network for payments.

The integration with Zone's regulated blockchain network offers substantial benefits to UBA, Zenith Bank, First Bank, and other financial service providers already on the network. By allowing direct transaction routing between participants, Zone eliminates intermediaries and reduces potential failure points. This results in faster, more reliable, and more scalable transaction processing at significantly lower costs, thereby enhancing overall payment processing capabilities.

With its unique technological architecture, Zone’s blockchain-powered payment infrastructure is poised to act as a significant catalyst in transforming Nigeria’s payment industry and accelerating the realization of a cashless society. The direct connectivity among financial service providers not only improves transaction reliability but also minimizes friction in payment experiences and significantly reduces operational risks. Specifically, Zone’s network provides end-to-end transparency and automatic reconciliation, effectively eliminating chargebacks, preventing chargeback fraud, and ensuring same-day settlement for financial institutions and their customers.

CEO Obi Emetarom reiterated Zone's unwavering commitment to its long-term vision: "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."