Zone, a leading payment infrastructure company, has unleashed a groundbreaking blockchain-powered Point-of-Sale (PoS) payment gateway product. This unveiling marks a significant stride in Zone’s mission to revolutionize payment capabilities across diverse channels, building upon the triumph of its ATM transaction processing service.
The freshly introduced PoS payment gateway product is poised to empower banks and fintech firms deploying PoS payment terminals, enabling them to facilitate seamless transactions effortlessly. It facilitates direct routing of transactions to issuers, harnessing Zone’s decentralized payment switching network to amplify speed and reliability.
Being a licensed payment switch sanctioned by the Central Bank of Nigeria (CBN), Zone possesses the unique capability to effectuate direct transaction routing to issuers without infringing regulatory protocols governing inter-bank payments. This pioneering capability sets the stage for efficient and secure financial transactions, thereby bolstering trust and confidence in the payment ecosystem.
Formerly recognized as AppZone, the company’s rebranding to Zone underscores its strategic pivot towards blockchain-based payments, fueled by its unwavering commitment to crafting cutting-edge banking infrastructure. This strategic realignment was further fortified by an oversubscribed $8.5 million seed funding round secured a mere three months ago, underscoring investor confidence in Zone’s vision and capabilities.
Zone’s foray into the PoS market coincides serendipitously with Nigeria’s regulatory endeavors aimed at fortifying the environment for PoS agents. In May 2024, in response to a directive from the federal government, PoS operators were mandated to register with the Corporate Affairs Commission (CAC) to augment transparency and combat fraud effectively. This directive casts a regulatory spotlight on all 1.9 million PoS agents in Nigeria, compelling them to achieve compliance by July 7, 2024.
The introduction of Zone’s blockchain-powered PoS payment gateway not only signifies a quantum leap in the evolution of Africa’s payment landscape but also epitomizes the convergence of innovation and regulatory compliance. By seamlessly integrating blockchain technology into the fabric of payment infrastructure, Zone is poised to catalyze financial inclusion, foster economic growth, and propel Africa into the vanguard of digital finance.
As the dawn of a new era in payments beckons, Zone stands at the forefront, armed with vision, innovation, and unwavering commitment to reshape Africa’s financial future. With its pioneering PoS payment gateway, Zone heralds a paradigm shift that promises to unlock a myriad of opportunities while paving the way for a more inclusive and resilient financial ecosystem across the continent.
