Nigeria’s two leading payment terminal service providers (PTSP), Accelerex and ITEX, have joined Zone’s regulated blockchain network for payments to drive efficiency, reliability, and real-time settlements
Zone, Africa’s fastest-growing payment infrastructure company, will power payments for these two institutions, which represent over 50 percent of the market share for Bank-focused PTSP services, marking a significant shift toward blockchain-enabled payments as the new standard for financial institutions.
Chuks Anakudo, managing director of Accelerex Nigeria, said his organisations integration with Zone’s blockchain-powered payment network strengthens it ability to process payments seamlessly.
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“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance; ultimately improving transaction efficiency across Nigeria,” Anakudo said in a statement.
“This underscores our commitment to providing our customers with the best payment experience,” he said.
As industry leaders, both Accelerex and ITEX provide the technology that powers transactions at merchant locations across Nigeria, processing billions in value monthly.
By integrating with Zone’s decentralized payment network, they gain access to a more reliable, efficient and compliant payment infrastructure, eliminating transaction failures and enabling instant settlements for financial institutions and merchants.
“The adoption of blockchain payments by major players like Accelerex and ITEX signals an industry-wide shift,” said Obi Emetarom, co-founder & CEO, Zone.
“As financial institutions prioritize payment reliability, operational efficiency, and compliance, we are proud to provide the regulated blockchain infrastructure that makes this transformation possible.”
According to him, the traditional centralized payment infrastructure in Nigeria has historically introduced multiple failure points, delays, and reconciliation inefficiencies.
By moving to Zone’s regulated blockchain network, he noted that Accelerex and ITEX now bypass intermediaries, ensuring direct transaction routing to issuers, as well as real-time reconciliation that eliminates chargebacks and chargeback fraud.
He added that with two of the largest payment service providers now leveraging blockchain-powered payments, the financial industry is witnessing a pivotal moment.
“More institutions are recognizing the need to modernize their infrastructure, and Zone is at the forefront of enabling this transition.”
He said with this transition, both companies will significantly enhance their service offerings to acquirers (commercial Banks), who are their primary clients, while adhering to relevant Central Bank guidelines, as Zone’s regulated blockchain network is fully compliant and approved by the CBN.
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Why it matters
According to experts, direct transaction routing eliminates failure points by enabling bidirectional communication between issuers and acquirers which reduces transaction disruptions.
They said that real-time settlements allow transactions settle instantly, improving liquidity and cash flow for merchants and financial institutions.
The experts say automated reconciliation & chargeback prevention ensures full transaction visibility, preventing chargeback fraud and disputes.
Lastly, they noted that Zone’s infrastructure fulfils PTSA regulatory requirements, delivering a nice blend of regulatory compliance and superior service quality to all participants.
