Two of Nigeria’s top payment service providers, Accelerex and ITEX, have joined Zone’s regulated blockchain network, ushering in a new era of payments in Nigeria.
Zone is a Nigerian fintech company that leverages blockchain technology to provide a decentralized payment infrastructure. The platform network ensures reliability, reduces disputes, and automated reconciliation, with a capacity to handle over 50,000 transactions per second.
With the inclusion of Accelerex and ITEX into its blockchain network, the continent’s fastest-growing payment infrastructure will now power payments for these two industry leaders, who collectively account for over half of the market share in bank-focused Payment Terminal Service Provider Service (PTSP).
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As providers of core technology at merchant locations across Nigeria, processing billions of Naira in transactions monthly, Accelered and ITEX will leverage Zone’s decentralized infrastructure to eliminate transaction failures, enable instant settlements and offer real-time reconciliation.
This move will drastically reduce chargebacks and fraud, while ensuring full compliance with the Central Bank of Nigeria (CBN) regulations. By bypassing intermediaries and routing transactions directly to issuers via Zone’s blockchain, both companies stand to offer significantly improved service to their primary clients.
“The adoption of blockchain payments by major playes like Accelerex and ITEX signals an industry-wide shift”, said Obi Emetarom, Co-founder & CEO of Zone. “As financial institutions prioritize payment reliability, operational efficiency and compliance, we are proud to provide the regulated blockchain infrastructure that makes this transformation possible”.
Also commenting on this partnership, Managing Director of Accelerex Nigeria, Chuks Anakudo said,
“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance; ultimately improving transaction efficiency across Nigeria. This underscores our commitment to providing our customers with the best payment experience“.
As Nigeria’s payment ecosystem continues to evolve rapidly, fintechs are searching for the next big differentiator to stay ahead in an increasingly competitive landscape. For a growing number of them, Zone is that differentiator.
The integration of Accelerex and ITEX with Zone’s regulated blockchain payment network brings several strategic and operational benefits for Nigeria’s financial services ecosystem. Here are the key advantages:
1. Real-Time Settlements
Transactions can now settle instantly, rather than being delayed by hours or even days, reducing working capital lockups and improving cash flow for merchants and financial institutions.
2. Elimination of Transaction Failures
Traditional payment systems often suffer from downtimes and failure points due to centralization. Blockchain’s decentralized architecture provides greater reliability and uptime, drastically reducing failed transactions.
3. Fewer Intermediaries
Zone’s network routes transactions directly to issuers, bypassing multiple layers of middlemen. This simplifies payment flows, reduces costs, and minimizes points of failure.
4. Real-Time Reconciliation
The blockchain ledger enables instant visibility of all transaction data, streamlining reconciliation processes and eliminating the lag that often leads to chargebacks or settlement disputes.
5. Reduction in Chargebacks & Fraud
By using smart contracts and transparent, immutable records, this setup prevents fraudulent disputes, offering stronger protection for acquirers, merchants, and issuers.
6. CBN Compliance
Zone’s network is fully approved and regulated by the Central Bank of Nigeria, giving institutions peace of mind that they are operating within the legal framework.
With these two giants onboard, the shift toward blockchain-based payments in Nigeria is gaining rapid momentum, positioning Zone at the forefront of a pivotal moment in Africa’s financial infrastructure evolution.