Zone, Africa’s fastest-growing payment infrastructure company, has announced the integration of three prominent Fintechs across diverse verticals of the payments industry, on its decentralized payment network.
The Fintechs which include Baxi by Onafriq, a leading payment service provider, Fairmoney Microfinance Bank, and KongaPay, a licensed mobile money operator known for its seamless and secure payment solutions, are now part of Zone’s decentralized payment network.
These additions follow the launch of Zone’s decentralized Pos Payment Gateway, ZonePOS, and a strategic partnership with Nigeria Inter-Bank Settlement System
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(NIBSS) to decentralize Payment Terminal Service Aggregator (PTS) functions using blockchain technology.
This move builds on Zone’s recent onboarding of major financial institutions like First Bank, UBA, and Zenith Bank. The inclusion of Baxi, a leading payment service provider, FairMoney, and KongaPay, a licensed mobile money operator, underscores the growing appeal of Zone’s regulated blockchain technology across diverse segments of the financial services industry.
By integrating with Zone’s regulated blockchain network, these Fintechs will benefit the following;
1. Direct Transaction Routing: Eliminating intermediaries and reducing failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs.
2. End-to-end Transparency: Providing automatic reconciliation, which eliminates chargebacks and prevents chargeback fraud.
3. Same-Day Settlement: Delivering quicker value for successful transactions to financial institutions and their customers.
Speaking on this development, Zone’s CEO and co-founder, Obi Emetarom said,
“We are excited to welcome Baxi, FairMoney, and KongaPay to our network. Their integration is an important step in our journey to advance the payment landscape in Africa and beyond. It underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless, and universally interoperable payment experiences across various financial service verticals. 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.”
In November 2022, Appzone evolved to Zone, to become Africa’s first layer-1 blockchain network and decentralized infrastructure for payment in Fiat money and digital currencies. Zone allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management. The absence of an intermediary or middleman in Zone’s architecture saves participating institutions money, enhances reliability, and eliminates reconciliation delays.
The recent integration of Baxi, FairMoney, and KongaPay, along with Zone’s collaboration with NIBSS, signals the growing acceptance of regulated blockchain in mainstream finance. It sets a new standard for payment processing in Nigeria, enhancing customer experiences, operational efficiency, and financial inclusion across Africa and emerging.