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Zone, a leading Nigerian payments infrastructure provider, has processed over ₦1 trillion in blockchain-powered transactions between November 2022 and December 2024. CEO Obi Emetarom revealed that the platform facilitated 100 million transactions, with an average transaction value of ₦10,000.
While blockchain adoption in banking remains in its early stages, Zone has achieved a major breakthrough by processing large-scale ATM transactions. This milestone marks a significant leap for blockchain-enabled payments in Nigeria, demonstrating its potential for mainstream financial services.
Despite a decline in ATM usage—where transaction values fell from ₦32.65 trillion in 2022 to ₦28.2 trillion in 2023—Zone strategically leveraged ATMs as a controlled testing ground for its blockchain technology. Currently, twelve banks are connected to Zone’s network, though only a few have fully integrated blockchain for ATM transactions.
“If ATM adoption had been broader, we would have reached this milestone much faster,” Emetarom noted. “We started with ATMs as a pilot to establish credibility before expanding into more complex transactions.”
Beyond ATMs, Zone is now scaling its blockchain-powered infrastructure to point-of-sale (POS) transactions with its newly developed ZonePoS system.
Scaling Blockchain Payments: From ATMs to POS
After securing a switching license in 2022, Zone launched its blockchain pilot for ATM transactions in November of that year, overcoming challenges related to bank onboarding and regulatory approvals. A successful pilot led to a commercial rollout in January 2023.
Building on this success, Zone introduced its blockchain-powered POS network in June 2024. By August, it secured a strategic partnership with Nigeria Inter-Bank Settlement System Plc (NIBSS)—the country’s central payment switch—to integrate POS transactions into its blockchain infrastructure.
This collaboration enables NIBSS to facilitate seamless interactions between POS terminals and customers’ banks on a regulated blockchain network. However, regulatory processes delayed full implementation, as the Central Bank of Nigeria (CBN) granted final approval only in December.
“NIBSS operates within a structured regulatory framework, meaning integration had to align with their project cycles,” Emetarom explained.
What’s Next for Zone?
Zone has now onboarded NIBSS onto its testnet and is verifying POS terminal identities on its blockchain. While the system is not yet fully operational for transaction recording, this foundational step ensures data integrity and regulatory compliance.
Looking ahead, Zone plans to expand beyond ATMs and POS terminals by introducing blockchain-powered account-to-account fund transfers, making decentralized payments more accessible to everyday Nigerians.
While Zone has yet to formalize discussions with international financial institutions, Emetarom remains optimistic about expanding beyond Nigeria. However, the company has refrained from disclosing financial performance details due to confidentiality agreements with investors.
With increasing adoption and regulatory acceptance, Zone is positioning itself as a pioneer in Africa’s blockchain-driven financial ecosystem, driving innovation in regulatory technology and digital payments.
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