Africa’s fastest-growing payment infrastructure company, Zone, has announced the addition of three major Fintechs to its decentralised payment network. Baxi by Onafriq, FairMoney Microfinance Bank, and KongaPay are the latest to join Zone’s expanding ecosystem, alongside leading banks and fintechs.
This move follows Zone’s recent launch of its decentralised PoS Payment Gateway product, ZonePOS, and its strategic partnership with Nigeria Inter-Bank Settlement System (NIBSS) Plc. The partnership aims to decentralise Payment Terminal Service Aggregator (PTSA) functions through Blockchain Technology.
Zone’s network has recently welcomed some of Africa’s largest financial institutions, including First Bank, UBA, and Zenith Bank. The addition of Baxi, FairMoney, and KongaPay highlights the versatility and appeal of Zone’s technology across various financial service sectors.
Securing a payment switching and processing license from the Central Bank of Nigeria (CBN) in 2022, Zone has established Africa’s first regulated blockchain network for payments. Integrating with Zone’s blockchain network will enhance the payment processing capabilities of Baxi, FairMoney, and KongaPay by enabling direct transaction routing, eliminating intermediaries, and reducing failure points. This integration promises faster, more reliable, and cost-effective transaction processing, along with end-to-end transparency, automatic reconciliation, and same-day settlement for financial institutions and their customers.
Obi Emetarom, CEO and co-founder of Zone, expressed enthusiasm about the expansion, stating, “We are excited to welcome Baxi, FairMoney, and KongaPay to our network. Their integration represents a significant step in advancing the payment landscape in Africa and beyond. It reflects growing confidence in our technology and its ability to deliver reliable, frictionless, and interoperable payment experiences across various financial service verticals. As we continue to expand and enhance our payment network, we remain committed to connecting every monetary store of value and fostering a truly inclusive financial ecosystem.”
This expansion, combined with Zone’s recent partnership with NIBSS, underscores the transformative potential of regulated blockchain technology in mainstream finance. It sets a new standard for payment processing in Nigeria and has the potential to improve customer experiences, operational efficiency, and financial inclusion across Africa and other emerging markets.