This integration with Zone’s regulated blockchain network for payment enables PalmPay to fortify its payment capabilities, ensuring reliable, secure, and compliant transactions across its extensive network of 1,200,000 agents and merchants.

By joining Zone’s regulated blockchain network, PalmPay is positioned to redefine the payment experience for its over 35 million users, delivering superior capabilities that set a new standard for point of sale payments and a new benchmark for the payment industry as a whole.

The partnership empowers PalmPay to streamline its operations, eliminate points of failure and provide its customers with the assurance of fast and frictionless payments.

Obi Emetarom, co-founder and CEO of Zone, remarked on the partnership:

“We are thrilled to welcome PalmPay to our payment network. Their hugely successful approach of becoming a market leader by delivering superior payment experiences aligns nicely with Zone’s focus on providing a reliable, and frictionless yet secure and compliant payment network. With our infrastructure, PalmPay is set to boost its value proposition to its customers and expand its lead in the market.”

With over 35 million users, PalmPay is committed to consistently enhancing the quality of its payment services.

By integrating with Zone’s regulated blockchain network, PalmPay automatically gains key advantages that set it apart in the industry.

These advantages include:

1. Direct Transaction Routing: Zone’s network eliminates the need for intermediaries, eliminating unnecessary points of failure and allowing for more reliable and secure transaction processing.

This ensures that PalmPay’s users experience uninterrupted transactions along with a seamless payment journey that meets the demands of a rapidly growing customer base.

2. End-to-End Transparency: Zone’s infrastructure offers full transaction visibility, supporting automatic reconciliation that effectively eliminates chargebacks and protects against chargeback fraud.

For PalmPay, this means a more secure and trustworthy system for its users, who can transact with greater confidence knowing that their payments are protected from potential disputes and fraud.

3. Same-Day Settlement: With Zone’s same-day settlement capabilities, PalmPay can deliver quicker value from successful transactions directly to its customers.

This expedited settlement process unlocks liquidity, as customers benefit from faster access to their funds, solidifying PalmPay’s reputation for efficiency and reliability.

In addition, PalmPay will remain fully compliant with regulatory guidelines for POS transaction processing. This compliance is enabled by the recent partnership between Zone and NIBSS to perform PTSA functions using blockchain technology and reinforced by CBN’s endorsement of the new arrangement —

With this foundation, PalmPay strengthens its commitment to reliable and frictionless payments while remaining fully compliant with all relevant regulations.

This move is a natural progression in PalmPay’s journey as it continues to solidify its leadership and prepare for an ambitious phase of growth.

By integrating with Zone’s network, PalmPay gains a powerful competitive edge, positioning itself at the forefront of the industry and setting the stage for the next wave of expansion.

Forward-thinking decisions like these have fueled PalmPay’s remarkable rise, and integrating with Zone further strengthens its commitment to staying ahead; leading the way in reliable, and compliant payments for millions across Africa.

“Our partnership with Zone marks an exciting step in our mission to deliver exceptional financial solutions. By leveraging Zone’s blockchain-powered infrastructure, we’re reinforcing the reliability and speed of our transactions success rate of 99.5%, allowing us to better serve our customers and set a new standard in digital finance.”

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.

Held at Eko Hotel, the Zenith Tech Fair 4.0 brought together industry leaders, tech enthusiasts, startups, and stakeholders to explore cutting-edge technologies shaping the future of business and lifestyle.

Highlights of Zenith Bank Tech Fair 4.0

Dr. Jim Ovia, the founder and chairman of Zenith Bank, inspired thousands of people who gathered at the event, emphasizing the importance of the annual tech fair.

Dr. Ovia also spoke about future plans to properly integrate technology in Zenith Bank for better and more efficient services.

Dame (Dr.) Adaora Umeoji, the group managing director of Zenith Bank Plc, in her welcome address, appreciated the chairman, Dr. Jim Ovia, for birthing the idea that led to the establishment of the tech fair initiative five years ago.

She thanked him for his vision in utilising technology to revolutionise the world of business and banking.

Dame Umeoji also stressed the importance of innovation and embedded finance in ensuring strong and enduring institutions.

According to her,

“It is paramount that we adapt and adopt technology to stay ahead of the curve. We have seen various cases of companies that failed because of their lack of innovation. It is quite obvious that when companies fail to innovate, they can easily be displaced. So, this is not the time to be orthodox; innovation should be a top priority for us.”

The GMD said Zenith Bank remains committed to providing digital solutions that empower businesses and individuals.

In his goodwill message, Mr. Babajide Sanwo-Olu, the Governor of Lagos State, called for a global approach to doing business in the country.

“What we need to do is to be able to enhance our product and services in order to compete in the world. We can’t continue to act local, we need to think global. Anything that we’re doing now, we need to be able to know that we are not just serving a local market, we actually want to serve the global market, and I’m glad that consistently, for the past four years, I have kept up with the Zenith Tech Fair.

Inspiring Keynote presentation

Robin Speculand, an expert digital implementation specialist graced the event all the way from Singapore.

He took the audience through series of trivia and quizzes to help them understand the evolving digital transformation landscape.

Speculand stated that for business to grow and evolve its technology there has to be a digital mindset. He expatiated on digital mindset thus;

“Empowerment: every business must carry the mindset that their services must empower people

“Platforms: the digital mindset allows businesses make use of multiple platforms that can be accessible by anyone

“Experimentation: a business must be ready to try out new things and take risks.

“Asking the right questions: a digitally minded person must know the right questions to ask

“Customer centric: the business must focus on what the customers want and tailor the products or services to suit their needs.

“Stakeholders: the business must have powerful stakeholders that are also very knowledgeable and experienced in the tech space

“Agility: a digitally minded business must be active and quick

He also mentioned that, digital transformation fails sometimes because some companies want to change the entire culture of the people or because they are transforming their entire business thereby losing the policy that the customers have come to trust.

“Digital transformation is not about having a digital strategy it is about having strategies in a digital world. Also, at the heart of digital transformation always comes the customer”, he said.

Danilo McGary,  a renowned expert in digital transformation and AI, also enlightened the audience about the possibilities of artificial intelligence (AI).

“AI has been in existence for over 60 years but was not really developed until now. There are three kinds of AI; Narrow AI; Traditional AI which is the regular AI that helps in answering questions just like ChatGPT or Gemini, and Artificial Generative Intelligence (AGI) is an AI system that can do anything a human or a group of humans can do and do it even better”.

“The Generative AI has advanced so much that it can learn things on its own without any prompt or instruction”, he said.

Dr. Jania Okwechime, the partner and AI | data leader for Deloitte, Africa, added that generative AI helps to increase efficiency and transform businesses.

“Gen AI can be used for fraud detection to prevent cybercrimes. It can also be used for document search and synthesis”, she said.

Panel Discussions | Technology in Business and Governance

The Zenith Tech Fair 4.0 also featured panel session with Wole Olutoye, Ada Jabaru, Funke Opeke, Guy Kuti, Kashifu Inuwa Abdullahi, Engr. Bisoye Coker-Odusote, Dr. Anuwal Adam Sa’ad, speaking.

They unanimously agreed on the need to cautiously improve application of technology to every sector of the economy, especially the health sector to promote efficiency, accuracy and effectiveness, securing of documents to avoid impersonation and theft, amongst other discussions.

Innovative Product Launches and Exhibitions

The tech fair served as a platform for unveiling groundbreaking solutions. Leading exhibitors, including Ethnos, ZOHO, Zone, Vertiv, ZamZamPay, Dataflex, Zenith Insurance, etc, showcased products ranging from AI-powered cybersecurity solutions, data centre tools to cutting-edge fintech innovations.

Zecathon

Meanwhile, 10 contestants in the hackathon session at the fourth edition of the Zenith Tech Fair (#ZenithBankTechfair2024) received a total of N77.5m in prize money.

The winners emerged at the tech fair themed ‘Future Forward 4.0: Embedded Finance, Cybersecurity & Growth Imperatives – The Impact of AI,’ held on Thursday in Lagos.

The prize money was shared among 10 finalists who emerged from the over 1,700 contestants took part in the hackathon [READ MORE HERE].

Zenith Bank’s Digital Innovation

The bank demonstrated its pioneering digital banking services, reinforcing its role as a leader in Nigeria’s financial technology space. Attendees experienced live demonstrations of the bank’s seamless payment solutions, mobile apps, and innovative tools designed to enhance user experience.

Driving Nigeria’s Tech Ecosystem Forward

Zenith Bank Tech Fair 4.0 emphasized collaboration as the key to accelerating Nigeria’s tech ecosystem. By connecting innovators, investors, and businesses, the event underscored Zenith Bank’s leadership in promoting technology as a driver of sustainable development.

Social Media Buzz

The event trended on social media platforms, with the hashtag #ZenithBankTechFair4 gaining traction among attendees and tech enthusiasts. Users shared highlights, photos, and key takeaways, further amplifying the fair’s impact.

Looking Ahead

As Zenith Bank Tech Fair 4.0 concludes, anticipation builds for the next edition. With its dedication to championing innovation, Zenith Bank continues to pave the way for technological progress and digital transformation in Nigeria.

*For more more stories on tech initiatives, keep following Techeconomy on social media.

However, their ability to innovate has often been constrained by legacy systems and regulatory pressures.

In recent years, the rise of fintech has disrupted this status quo, delivering financial services in a tech-driven manner.

This shift has not only challenged the traditional banking sector but has also led to collaboration between banks and fintech companies, leading to the convergence of the two.

The convergence of banking and fintech represents a pivotal moment in Nigeria’s financial evolution.

As mobile payments, digital lending platforms, and blockchain-based solutions gain traction, the line between what defines a bank and a fintech company has started to blur.

The result of these blurring lines means more efficient delivery of financial services for people. Before this convergence, financial services only pandered to a select few people.

According to Inside the business of card payments in Nigeria, “a major problem the earliest financial institutions faced was that they were elitist in their operations, and did little to cater to the banking needs of the masses.”

In contrast, fintech companies rose to prominence by focusing on ease of use, speed, and inclusivity.

These companies have transformed how payments are made, how loans are accessed, and how everyday banking is conducted, often reaching demographics that traditional banks have found difficult to serve. By leveraging mobile technology and cloud-based platforms, fintechs offer services that are faster, cheaper, and more tailored to the individual needs of customers.

It is important to also note that the fintechs were only able to do this because traditional banks provided the foundation for it. From commissioning the Nigeria Inter-Bank Settlement System Plc (NIBSS) to the creation of NIP, fintechs had something to work with.

So if fintechs and traditional banks are so different what is driving convergence now?

The convergence between fintechs and traditional banks is necessitated by the need for further growth in Nigeria’s payment industry. After the rapid growth of the fintech industry, the remaining room for development requires the joint effort of fintechs and traditional banks.

We are witnessing this convergence in different areas. One area of convergence is in payment infrastructure. Nigerian fintechs excel at creating fast, user-friendly digital payment solutions, but they often rely on established banking networks to facilitate these transactions.

Traditional banks, on the other hand, lack the speed and agility that fintechs bring to payments, leading them to partner with these innovators to offer services like instant transfers and mobile payments.

Platforms like Flutterwave, Paystack, and Interswitch have worked closely with banks to ensure that payments can be processed efficiently and at scale.

By integrating fintech APIs with banking systems, customers can now enjoy seamless transactions across different platforms, showing how neither side can dominate the payment space alone.

Lending is another sector where fintechs and banks are increasingly converging. Nigerian fintechs have pioneered quick, digital loan services, using alternative credit scoring models and automated platforms to reach the unbanked and underbanked.

However, the scale and stability needed to expand these offerings require access to the capital and regulatory structure that banks have.

This has led to partnerships between fintech lenders and traditional banks, where fintechs provide the front-end user experience and data-driven loan assessments, while banks offer funding and back-end support.

For instance, some banks have launched digital lending products that mimic fintech services but rely on fintech technology to drive the process, blending their resources for mutual benefit.

However, there’s a new kind of convergence between fintechs and traditional banks, one that is occurring on the blockchain.

This convergence is facilitated by Zone, touted as Africa’s fastest-growing payment infrastructure company, to usher in the next phase of financial service development in Nigeria.

This convergence brings traditional banks and fintechs together on Zone’s regulated blockchain network to form a robust payment infrastructure.

This payment infrastructure ensures the direct routing of transactions between them, facilitating transparency and eliminating errors.

According to industry stakeholders this innovation by Zone is not just another indication of increasing partnerships between fintechs and banks it could redefine the convergence of financial institutions as we know it and subsequently birth a new form of collaboration.

This collaboration, Techeconomy can report, aims to enhance interoperability across the POS payment value chain by leveraging cutting-edge blockchain technology.

To address the challenges of transparency and provide more efficient payment processes in Nigeria Payment System, the Central Bank of Nigeria (CBN) has established the Payment Terminal Service Aggregator (PTSA) license category.

This regulation mandates that all licensed financial service providers must connect and route their POS transactions through a PTSA. The goal is to improve the payment experience for individuals and merchants, streamline reconciliation processes and ultimately reduce financial losses and cost of operations for Banks and other financial institutions.

The partnership between NIBSS and Zone is set to enhance the POS payment rail by utilizing blockchain technology to facilitate transaction processing between banks and other financial service providers.

It will significantly enhance the reliability and security of transactions, ensuring efficient and secure processing.

With the introduction of decentralized card routing, Banks and fintechs will be able to perform card routing between POS terminals and cardholder banks while remaining fully compliant with both payment switching and PTSA regulations as defined by the Central Bank.

A critical feature of this partnership is the automated resolution of chargebacks, allowing refunds for declined transactions to be processed within minutes, eliminating the need for manual intervention and reducing the inconvenience of frequent bank visits for customers.

Additionally, it will validate final transaction status in real-time, thereby enhancing liquidity and improving overall business operations.

This timely access to funds is a game-changer for merchants.

As Nigeria transitions further to a more digital society, this will significantly improve the overall card-holder experience through enhanced service reliability, faster response time and reduced transaction processing cost, all of which are crucial in supporting the expected scale of transactions.

Agent networks will also benefit from the opportunity to generate more revenue thereby incentivizing the expansion of financial services.

Speaking on the outcome of the directives by Mr. Premier Oiwoh, the CBN, the managing director and CEO of NIBSS, stated,

“These partnerships and collaborations with key industry players represent a significant milestone in our mission to drive innovation and enhance the efficiency of the payment system. The strategic alliances will revolutionize the ecosystem, offering improved operational efficiency, cost savings and enhanced financial inclusion, ultimately positioning Nigeria at the forefront of the global payment space”.

On his part, Obi Emetarom, CEO and Co-founder of Zone, added,

“This partnership with NIBSS reflects our unwavering commitment to transform the payment landscape in Nigeria. By harnessing the power of blockchain technology, we are setting a new standard for reliable, frictionless, and universally interoperable payments in the industry.”

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. 

These milestones represent major advancements towards the company’s mission of connecting every monetary store of value by harnessing the power of blockchain.

Zone secured a switching and processing license from the Central Bank of Nigeria in 2022, making its payment infrastructure Africa’s first regulated blockchain network for payments. 

By integrating with Zone’s regulated blockchain network, UBA, Zenith Bank, and First Bank along with other financial service providers already on the network, will significantly enhance their payment processing capabilities. 

These banks will benefit from being able to route transactions directly between participants on the network, which eliminates intermediaries and reduces failure points, resulting in faster, more reliable, and more scalable transaction processing at lower costs. 

With its unique architecture and underlying technology, Zone’s blockchain-powered payment infrastructure is expected to serve as a major catalyst in the transformation of Nigeria’s payment industry and the actualisation of the highly anticipated cashless society. 

With leading banks like Zenith Bank, First Bank, and UBA already integrated and processing transactions on its network, the industry stands to gain more than just improved transaction reliability. 

This is because connecting financial service providers directly with each other also delivers payment experiences with significantly less friction and allows payment service providers function with little to no operational risks. 

Specifically, Zone’s network provides end-to-end transparency and automatic reconciliation, which eliminates chargebacks, prevents chargeback fraud, and delivers same-day settlement to financial institutions and their customers. 

Commenting on the announcement, Obi Emetarom, CEO and co-founder of Zone, said: “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.

“As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and enabling a truly inclusive financial ecosystem operating without cash.”

Zone is a decentralized network of Banks and Fintechs powered by blockchain and focused on enabling domestic and cross-border payments.

Following the success of its ATM transaction processing service, the roll-out of its PoS payment gateway  further fulfils the company’s promise of delivering reliable, frictionless and universally interoperable payments across multiple payment channels.

The introduction of Zone’s PoS Payment Gateway product brings a comprehensive payment processing solution to Banks and Fintechs that deploy PoS payment terminals.

The product promises transaction reliability through direct routing of transactions to issuers, same-day settlement for beneficiaries and their financial institutions, and a robust framework eliminating chargebacks and chargeback fraud.

Key to note here is that Zone (as a CBN-licensed payment switch) is able to implement direct transaction routing to issuers without violating regulatory guidelines on inter-bank payments.

At the core of Zone’s PoS Payment Gateway is its regulated layer-1 blockchain network, which guarantees the security, reliability and transparency of every transaction.

Zone’s superior architecture endows the PoS payment gateway with several key features:

• Direct Card Routing: Zone connects acquirers directly to issuers through its decentralised payment switching network. This architecture optimises the PoS transaction route, and eliminates failure points thereby guaranteeing increased speed and reliability of each transaction for the benefit of merchants, agents and cardholders alike.
• No Chargebacks: Zone’s advanced PoS payment gateway eliminates chargebacks and chargeback fraud on PoS terminals by auto-refunding customers for unsuccessful transactions and auto-declining fraudulent chargebacks in real-time — thereby building a foundation of trust and satisfaction among all parties involved.
• Same-Day Settlements: Settlement of payments from PoS terminals using Zone is effected on the same day and separately for each transaction, ensuring faster availability of funds for both agents and merchants alike, and making it easy to determine when value has been received for every transaction.

“Today marks a pivotal moment not just for us at Zone, but also for the Financial Institutions we enable, and the esteemed customers they serve,” said Obi Emetarom, CEO and co-founder of Zone. “Our PoS Payment Gateway Product is a commitment to financial inclusion and to the digital future of all payments in Africa. With this new offering, we are excited to have taken yet another major step towards our vision for a world where individuals and businesses can make and receive instant payments to and from anyone in the world, through any payment method and in any currency.”

Zone’s PoS Payment Gateway emerges as a distinct solution that sets a new standard in the industry. While a few leading fintechs have made some strides towards improving the quality of service specifically for their own PoS terminals, Zone’s offering goes a step further by making such improvements and related advanced features, accessible to all financial service providers in the industry.

This democratization of cutting-edge technology ensures that all institutions utilising Zone’s product for PoS-based transaction processing can now enjoy superior levels of transaction reliability, and operational efficiency while delivering delightful payment experiences to their own customers each and every time.

Developed in collaboration with TechCabal Insights, the report provides comprehensive insights into the evolving landscape of digital payments in the country.

The Nigerian Payment Report 2024 offers an in-depth analysis and key findings on consumer behaviour, emerging trends, and industry innovations within the Nigerian payment ecosystem.

The report serves as a valuable resource for stakeholders seeking to navigate the dynamic Nigerian Payment Market.

Some key highlights of the report include:

• The structure and key players within Nigeria’s payment industry.
• Key payment trends and metrics.
• Examination of the regulatory landscape and its impact on payment providers.
• Insights into consumer preferences and adoption rates across various payment channels.

According to Olanrewaju Odunowo, team lead of Tech Cabal Insights, “The Nigeria Payment Report 2024 sheds light on the transformative impact of digital payments in Nigeria. From the rise of mobile money to the adoption of contactless payments, this report offers invaluable insights into the evolving preferences and behaviours of Nigerian consumers.

Olayiwola Osoba, VP of Marketing and Corporate Communications at Zone commented,

“At Zone, we are committed to driving innovation and fostering thoughtful discourse within the payments industry. By combining Zone’s extensive knowledge and experience in the Nigerian payment ecosystem with TechCabal’s deep research capabilities and industry expertise, we have created a powerful resource that not only highlights emerging trends and consumer behaviours but also delves into the regulatory environment, technological advancements, and success stories of industry pioneers.

In support of the report’s launch, Obi Emetarom, CEO & co-founder of Zone, stated,

“We are thrilled to collaborate with TechCabal on the Nigeria Payment Report 2024. We recognise the importance of data-driven insights in shaping the future of payments in Nigeria. This report reaffirms our commitment to driving positive change and advancing Nigeria’s payment industry.’’

The Nigeria Payment Report 2024 is now available for download on the TechCabal Insights platform.

At the vanguard of this revolution lies the nation’s burgeoning fintech industry, a force that is reshaping the financial landscape and propelling the country towards a more inclusive and innovative future.

A quick overview of the Fintech Landscape in Nigeria

The Fintech industry has witnessed a remarkable transformation in recent years, driven by a confluence of factors, including a burgeoning youth population, increasing smartphone penetration, and a growing appetite for innovative financial solutions.

The country has emerged as a hotbed for fintech startups, with entrepreneurs leveraging cutting-edge technologies to address the unique challenges posed by limited access to traditional banking services and low financial inclusion rates.

From mobile money platforms and digital lending solutions to cryptocurrency exchanges and investment apps, Nigerian fintechs are disrupting the financial sector, offering convenient, affordable, and accessible services to underserved segments of the population.

The Beating Heart of Nigeria’s Fintech Ecosystem: The Payment Industry

The Nigerian payment industry has emerged as a driving force behind the nation’s fintech revolution. As the backbone of financial transactions, this sector has witnessed unprecedented growth and innovation in recent years.

The advent of mobile money platforms and digital wallets has significantly expanded access to financial services, enabling millions of Nigerians, including those in remote areas, to participate in the digital economy.

Seamless payment solutions, facilitated by cutting-edge technologies such as QR codes, mobile point-of-sale systems, and contactless payments, have streamlined commercial activities and enhanced consumer experiences.

Moreover, the rise of online marketplaces and e-commerce platforms has fueled the demand for secure and efficient payment gateways, paving the way for fintech companies to introduce innovative solutions.

With a growing smartphone-savvy population and increasing internet penetration, the Nigerian payment industry is poised to continue its upward trajectory, fostering financial inclusion, driving economic growth, and positioning the country as a leader in Africa’s digital transformation.

Challenges and Opportunities

While Nigeria’s payment industry has witnessed remarkable growth, it is not without its challenges. Limited infrastructure, cybersecurity concerns, and low financial literacy remain hurdles to overcome. However, these obstacles also present opportunities for innovation.

As more Nigerians embrace digital payments, there is a growing need for secure, reliable, and user-friendly payment solutions.

This demand has paved the way for fintech companies to develop cutting-edge technologies, such as biometric authentication and blockchain-based systems, to enhance security and trust.

Moreover, the lack of comprehensive insights, research data, and thought leadership material has hindered the industry’s ability to make informed decisions and chart a strategic course for sustainable growth.

Without access to reliable data and expert analysis, stakeholders struggle to identify emerging trends, assess market dynamics, and develop targeted solutions that cater to the evolving needs of consumers and businesses alike.

Introducing : The Nigerian Payment Report 2024

The Nigerian Payment Report 2024 developed by Zone in partnership with TechCabal Insights hopes to serve as a viable resource for the industry.

The report delves deep into the heart of the industry, unveiling the structure and key players that drive innovation and shape the future of financial transactions.

It also offers an in-depth examination of the regulatory landscape, shedding light on the impact of policies and regulations on payment providers, enabling them to navigate the complexities of compliance and capitalize on emerging opportunities.

Importantly, the Nigerian Payment Report 2024 goes beyond mere numbers by exploring consumer preferences and adoption rates across various payment channels, offering invaluable insights into the evolving needs and behaviours of Nigerian consumers

The Future Outlook

In the rapidly evolving world of digital finance, access to comprehensive data analysis and expert perspectives is indispensable for stakeholders seeking to conquer the nation’s dynamic digital economy.

Particularly in the payments space, where seamless transactions are the cornerstone of a thriving digital ecosystem, thought-provoking research and actionable insights can catalyze the development of secure, user-friendly, and inclusive payment systems.

By harnessing the power of knowledge, stakeholders can navigate the complexities of this FinTech frontier, fostering financial inclusion, promoting economic growth, and positioning Nigeria as a trailblazer in Africa’s digital transformation.

The deal marks a pivotal moment for Zone as the company continues on its journey to build a Blockchain-based decentralized payment infrastructure for financial services providers across the continent and beyond.

By harnessing the power of blockchain, Zone’s blockchain network delivers reliable, frictionless and universally interoperable payment experiences at scale to financial service providers and their customers.

Zone has a unique position as Africa’s first regulated blockchain network for payments and has already signed up over 15 of Africa’s largest banks and fintech companies.

The new funding will enable Zone to further expand the coverage of its network domestically and connect more banks and financial services companies. A significant portion of the proceeds will also be allocated to conducting a comprehensive pilot programme to test the Company’s cross-border capabilities, scheduled for 2025. A key priority of the Company is to ensure that it is well-prepared to extend its footprint across Africa in order to support Intra-African and international payments which will bring the company closer to its vision of becoming a global payment network.

Flourish Ventures, an early-stage global fintech venture firm with purpose will provide Zone with a global perspective, networks of industry influencers and extensive Africa fintech expertise, paving the way for expansion into new markets.

UK-based TLcom Capital provides essential local credibility and understanding of the African tech space while leveraging its existing relationships with key decision-makers In Nigeria to establish a strong foundation for Zone within its home market.

Other investors in this round include international blockchain-focused VC firms Digital Currency Group (DCG), VKAV (Verod-Kepple Africa Ventures) and Alter Global, each bringing niche sector expertise and credibility.  These investments at a time when start-up funding has dried out are a testament to investor confidence in Zone’s mission to connect every monetary store of value and establish a regulated and decentralized global payment infrastructure.

Additionally, the endorsement and investment from Endeavor Catalyst reinforces Zone’s status as a frontrunner in Africa’s fintech revolution, highlighting the company’s alignment with the entrepreneurial spirit that drives technological transformation and economic progress.

Commenting on the funding round, Obi Emetarom, CEO and co-founder of Zone, said:

“The participation of high-quality investors despite the funding drought and the fact that we had more interested investors than we needed, is a sign of trust in the Zone brand and investor excitement about the opportunity to redefine payment infrastructure in Africa. As we step into this new phase at Zone, we are re-energized and our commitment to transforming Africa’s payment infrastructure is renewed. Our new investors and existing shareholders including CCA, Lateral Capital, Constant Ventures and V8 bring more than just financial backing as their global scope and deep expertise make them invaluable partners for us. With their support, we are poised to accelerate our mission to connect every monetary store of value and enable real-time payments within and across geographical borders. Zone is committed to staying at the forefront of technological advancement and industry evolution in financial services.”

Ameya Upadhyay, Partner at Flourish Ventures said: “For the first time in Africa, Zone’s technology enables direct communication between participants in the payment ecosystem. We believe this is a fundamental leap that will allow customers to experience a completely new standard of reliability, speed and cost efficiency at the ATM, at POS machines and online.  We are excited by the potential for Zone’s technology to be replicated across borders to advance payment innovation globally. The fact that Zone is led by Obi and Wale who are veterans of the banking industry reinforces our conviction that Zone can fulfil our shared goal of moving the entire sector forward”.

Ido Sum, Partner at TLcom Capital, said: “We are thrilled to partner with Obi Emetarom and Wale Onawunmi, co-founders of Zone, on their journey to build a category-defining fintech company that is using advanced blockchain technology to solve a critical payments system challenge. The Company’s innovative infrastructure has the potential to deliver tremendous value to financial institutions, enhancing the overall payments experience for end-users and driving down costs for hundreds of millions of consumers and businesses that rely on digital payments in Africa every day. We have no doubt that Zone, led by Obi and Wale, is on its way to transform into a global company over time, and TLcom is excited to bring its complementary experience, networks and expertise to support the Company in fulfilling its impressive scale ambitions”.