Nigerian Startup Zone Launches Blockchain-Powered Point-of-Sale Gateway

Nigerian Startup Zone Launches Blockchain-Powered Point-of-Sale Gateway

A Nigerian payments company recently announced the launch of a blockchain-powered point-of-sale payment gateway. This gateway facilitates transaction routing to issuers and aims to prevent chargebacks or chargeback fraud by promptly reimbursing customers for unsuccessful transactions. Eliminating Chargeback Fraud The Nigerian payment infrastructure company, Zone, recently announced the launch of a blockchain-powered point-of-sale (PoS) payment […]

Eliminating Chargeback Fraud

The Nigerian payment infrastructure company, Zone, recently announced the launch of a blockchain-powered point-of-sale (PoS) payment gateway. This gateway enables transaction routing to issuers without violating the Central Bank of Nigeria (CBN)’s regulatory guidelines.

According to a Techpoint report, the startup’s gateway facilitates same-day settlement of PoS transactions for beneficiaries and financial institutions. Additionally, it aims to eliminate chargebacks or chargeback fraud by promptly reimbursing customers for unsuccessful transactions.

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Narrowing the Financial Exclusion Gap

Obi Emetarom, CEO and Co-founder of Zone, emphasized that the payment gateway underscores the startup’s commitment to reducing the financial exclusion gap 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.”

As explained in the report, Zone’s latest product offering enters a market already dominated by PoS gateway providers that rely on centralized architecture to process payments. However, unlike these gateways, Zone’s new offering is not plagued with reliability and friction issues.

Formerly known as Appzone, the Nigerian startup recently pivoted to blockchain payments after raising $8.5 million. This pivot comes at a time when Nigerian authorities are reportedly tightening regulations governing PoS agents.

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