Fintech companies Accelerex and ITEX have integrated into Zone's blockchain system.
**Nigerian Financial Technology Companies Embrace Blockchain for Improved Payment Services**
In a significant move towards modernizing payment infrastructure, Nigerian financial technology companies Accelerex and ITEX have joined Zone's regulated blockchain network. This decision will see the processing of POS payments for both companies conducted on Zone's decentralized payment processing firm network.
Zone's regulated blockchain network, built on Hyperledger Fabric, functions as a decentralized payments switch among Nigerian financial institutions. This switch allows participants in a transaction to settle payments in a peer-to-peer manner, different from traditional centralized payments switches. The network provides traceability, enabling instant settlement, quicker dispute resolution, and prevention of chargeback fraud.
Accelerex and ITEX, both payment terminal service providers (PTSPs), issue, deploy, and maintain POS terminals, which are hardware devices used for card payments. By integrating Zone's blockchain, these companies aim to eliminate transaction failures and enable instant settlement for their respective merchants.
The integration of traditional finance companies into decentralized networks is a growing trend to improve services. Through Zone's decentralized peer-to-peer network, Accelerex and ITEX can bypass third parties and route transactions directly to financial institutions.
This move follows a series of recent developments in Nigeria's fintech sector. In September, fintechs Baxi, Fairmoney, and Konga joined Zone's network, bringing the total number of traditional companies using the system to 24. The adoption of decentralized blockchain networks by traditional finance companies remains limited in Nigeria, but there is a clear trend towards exploring and leveraging blockchain technology for improved financial services, especially through fintech partnerships and regulatory advancements.
KPMG has urged Nigerian financial institutions to embrace blockchain technology and collaborate with cryptocurrency firms for needed technological enhancements. As more companies follow suit, Nigeria could see a significant improvement in its payment infrastructure, making transactions faster, more secure, and more accessible for all.
- Accelerex and ITEX, Nigerian financial technology companies, have adopted Zone's regulated blockchain network for improved POS payment services.
- The blockchain network, built on Hyperledger Fabric, serves as a decentralized payments switch connecting various Nigerian financial institutions.
- This switch enables participants to settle payments peer-to-peer, offering faster settlement, quicker dispute resolution, and prevention of chargeback fraud.
- By integrating Zone's blockchain, Accelerex and ITEX aim to eliminate transaction failures and facilitate instant settlement for their merchants.
- The integration of traditional finance companies into decentralized networks is a growing trend globally, with Nigerian fintech firms increasingly exploring blockchain technology for enhanced services.
- KPMG has urged Nigerian financial institutions to collaborate with cryptocurrency firms and embrace blockchain technology for needed technological advancements in the finance industry.
- As more financial institutions adopt blockchain technology, Nigeria could witness significant improvements in its payment infrastructure, making transactions faster, more secure, and more accessible for all.
