First Bank, UBA, Zenith join forces with Zone in $8.5m decentralised payment network revolution

By Esther Agbo

First Bank, UBA, and Zenith Bank have joined Zone’s decentralised payment network, following Zone’s recent acquisition of $8.5 million in seed funding led by Flourish Ventures and TLcom Capital.

This development was announced by Zone’s Vice President of Marketing and Corporate Communications, Olayiwola Osoba, in a statement on Wednesday.

Zone, a regulated blockchain network facilitating payments and digital currency acceptance, also launched its decentralised Point-of-Sale Payment gateway, ZonePOS, solidifying its status as a leading payment infrastructure provider in Africa.

In the statement, “Africa’s fastest-growing payment infrastructure company today, announces that three of Africa’s largest and most prominent financial institutions—FIrst Bank, UBA, and Zenith Bank, — have joined other Banks and Fintechs on its decentralised payment network.

“This announcement follows Zone’s recent $8.5 million seed funding round led by Flourish Ventures and TLcom Capital, and the launch of its decentralised PoS Payment Gateway, ZonePOS.”

Olayiwola highlighted that the inclusion of these major banks in Zone’s network represents a step towards achieving a cashless society in Nigeria. The network’s transparency and automatic reconciliation capabilities prevent chargeback fraud and ensure same-day settlements.

CEO and co-founder of Zone, Obi Emetarom, expressed excitement about the banks’ integration, noting that their involvement underscored the growing trust in Zone’s technology.

He emphasised that this collaboration will enhance Nigeria’s payment landscape and foster an inclusive, cashless financial ecosystem, stating, “We are thrilled to have UBA, Zenith Bank, and First Bank in our network. Their integration into our decentralised payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world.

“Having some of Africa’s largest and most reputable financial institutions, underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless and universally interoperable payment experiences.”