Nigeria’s NIBSS Partners Zone Ltd On Blockchain Payment Options

The Nigeria Inter-Bank Settlement System (NIBSS), a payment clearing house owned by the Central Bank of Nigeria, or CBN, has joined Africa’s first regulated blockchain network, Zone Payment Network Limited, for payment options.

This was disclosed by the Zone CEO and Co-founder, Obi Emetaron, on Tuesday on X. He said, “Thrilled to announce Zone’s strategic partnership with NIBSS to enhance its PTSA operations using blockchain technology. NIBSS facilitated this collaboration, using Zone’s regulated blockchain to enhance PoS payment efficiency and regulatory oversight.”

According to Emetaron, the partnership with the apex bank’s affiliate, NIBSS, is a Payment Terminal Service Aggregation (PTSA) innovation that enables compliant direct card routing between PoS terminals and cardholder banks, in line with CBN regulations.

This is in line with financial institutions in Nigeria, as Zone has several of these institutions as participating partners offering real-time payment settlement through blockchain.

Following the announcement, Emetaron stated, “This partnership with NIBSS is a testament to the transformative power of blockchain technology in payments and, more generally, in the financial sector as a whole. It demonstrates how blockchain technology can enhance regulatory oversight functions while streamlining service providers’ operations and delivering delightful experiences to end-users.”

Premier Oiwoh, MD/CEO of NIBSS, commented, “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.”

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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