Nigeria’s payment space has undergone remarkable growth over the past two decades, emerging as one of the most advanced and dynamic in the world. With over 5.2 billion transactions processed through NIBSS Instant Payment (NIP) in 2022, the country has set global benchmarks for real-time payment systems.
This ecosystem is supported by the innovative efforts of both financial institutions and fintechs, which have expanded access to financial services, driven adoption, and empowered millions of Nigerians. Innovations such as the Central Bank of Nigeria’s (CBN) eNaira, Africa’s first central bank digital currency, highlight how regulators are fostering groundbreaking solutions to enhance financial inclusion and modernize the economy.
One consistent theme in Nigeria’s financial services sector has been its unwavering focus on innovation and collaboration. From the early 2000s, when pioneers like Interswitch and NIBSS laid the groundwork, to the rise of fintech giants such as Paystack, Flutterwave, and PiggyVest in the 2010s, players in the ecosystem have consistently sought new ways to deliver value.
Today, blockchain is at the forefront of this evolution, with institutions adopting these technologies to improve efficiency and customer experiences. Zone, a trailblazer in regulated blockchain technology, is at the center of this shift, uniting banks and fintechs under a decentralized payment network.
In this exclusive interview, Sunday Agbi, vice president of Operations at Zone Payment Network, delves into how Zone is reshaping Nigeria’s payment landscape with its innovative infrastructure and partnerships.
TE: Zone has been described as a game-changer in the payments space. Can you give us an overview of what sets Zone’s infrastructure apart from existing payment systems in Africa?
Sunday Agbi: Zone’s infrastructure is Africa’s first regulated blockchain network for payments, and that alone marks a significant departure from conventional systems. Unlike traditional centralized systems, our decentralized network allows financial institutions to connect directly, eliminating the gaps experienced with centralized payment networks. This means faster transaction times, reduced costs, and increased security.
What truly sets us apart is how we’ve seamlessly integrated innovation with regulatory compliance. Zone was designed to address the unique challenges of Africa’s payment ecosystem while adhering to the highest standards of governance. By enabling direct, real-time interactions between financial institutions, our network ensures full transparency, making payments not only more reliable and secure but also more resilient.
This approach has earned the trust of leading financial institutions and regulators alike. By embedding compliance into the core of our infrastructure, Zone offers an interoperable system that empowers banks and fintechs to innovate without compromising security or regulatory standards.
TE: Collaboration with commercial banks and fintechs seems central to your strategy. How does Zone enable such partnerships, and what value do they bring?
Sunday Agbi: Collaboration is central to our mission because the future of payments depends on the synergy between traditional financial institutions and innovative fintechs. B
anks bring scale, trust, and deep customer relationships, while fintechs introduce agility, creativity, and new ways to engage users. Zone bridges these worlds, creating a unified infrastructure where both can thrive.
Our decentralized payment network enables seamless, real-time interactions between financial institutions on our network (both banks and fintechs alike).
For example, through our ZonePOS payment gateway, financial institutions using ZonePOS can process transactions directly with the other, bypassing traditional intermediaries.
This not only reduces operational costs but also delivers a faster, more seamless experience for end-users.
Beyond technology, our partnerships are built on trust. By aligning with the regulatory frameworks of institutions like the Central Bank of Nigeria (CBN), we create an environment where both banks and fintechs can confidently innovate. This collaboration ultimately benefits merchants and consumers, strengthening Nigeria’s payment ecosystem.
TE: Zone operates in a highly regulated industry. How do you navigate compliance while staying innovative?
Sunday Agbi: Navigating regulatory compliance is non-negotiable in our space, and Zone prioritizes this at every level.
Our regulated blockchain infrastructure is not only innovative but also fully aligned with the requirements set by regulators like the Central Bank of Nigeria.
We actively engage with regulators to ensure our solutions meet and even exceed compliance standards. This involves building transparency into our system—such as ensuring full traceability of transactions—and using technology to enhance anti-money laundering (AML) and fraud prevention measures.
Ultimately, our commitment to compliance ensures that the ecosystem we’re building is both sustainable and trusted by all stakeholders.
TE: How is Zone preparing for the future of payments in Africa, given the rapid evolution of technology and customer expectations?
Sunday Agbi: The future of payments in Africa lies in scalability, accessibility, and trust. At Zone, we’re focused on expanding the capacity of our decentralized network to accommodate increasing transaction volumes while reducing latency to near-zero levels.
Furthermore, we continuously invest in our R&D to anticipate customer needs, ensuring our infrastructure is future-proof.
TE: Looking ahead, what does success look like for Zone in the next five years?
Sunday Agbi: Success for Zone is rooted in creating a payment ecosystem that transcends borders while continuing to redefine what’s possible within regulated blockchain technology.
Over the next five years, we aim to expand our network to connect financial institutions and fintechs not only across Africa but also on a global scale. By enabling seamless local and cross-border payments, Zone will become an essential bridge for financial services between emerging and developed markets.
We also envision Zone as the definitive example of what regulated blockchain can achieve—a concept championed by our CEO & Co-founder Obi Emetarom.
By demonstrating how decentralization and regulation can work in harmony, we aspire to set a global standard for innovation in payments.
In addition, we’re committed to evolving our network’s capabilities to support a broader range of use cases.
From powering regulated DeFi protocols to providing a platform for advanced financial products, Zone will continue to push the boundaries of what blockchain can do in a compliant, secure, and scalable manner.
Ultimately, success means building a financial infrastructure that empowers institutions, businesses, and individuals—enabling payments that are faster, more reliable, and inclusive, and ensuring that Africa remains a leader in the global financial innovation landscape.
