PalmPay Joins Zone’s Regulated Blockchain Network to Enhance Payment Reliability

Zone, Africa’s fastest-growing payment infrastructure company, has announced that PalmPay, one of Africa’s leading fintech platforms for payment, has joined its decentralized payment network. This integration with Zone’s regulated blockchain network for payment enables PalmPay to fortify its payment capabilities, ensuring reliable, secure, and compliant transactions across its extensive network of 1,200,000 agents and merchants.

By joining Zone’s regulated blockchain network, PalmPay is positioned to redefine the payment experience for its over 35 million users, delivering superior capabilities that set a new standard for point of sale payments and a new benchmark for the payment industry as a whole. The partnership empowers PalmPay to streamline its operations, eliminate points of failure, and provide its customers with the assurance of fast and frictionless payments.

Obi Emetarom, Co-founder and CEO of Zone, remarked on the partnership: “We are thrilled to welcome PalmPay to our payment network. Their hugely successful approach of becoming a market leader by delivering superior payment experiences aligns nicely with Zone’s focus on providing a reliable, frictionless, yet secure and compliant payment network. With our infrastructure, PalmPay is set to boost its value proposition to its customers and expand its lead in the market.”

With over 35 million users, PalmPay is committed to consistently enhancing the quality of its payment services. By integrating with Zone’s regulated blockchain network, PalmPay gains key advantages that set it apart in the industry. These advantages include direct transaction routing, which eliminates the need for intermediaries, allowing for more reliable and secure transaction processing. Additionally, Zone’s infrastructure offers end-to-end transparency, supporting automatic reconciliation that effectively eliminates chargebacks and protects against chargeback fraud. PalmPay will also benefit from same-day settlement capabilities, delivering quicker value from successful transactions directly to its customers.

PalmPay will remain fully compliant with regulatory guidelines for POS transaction processing, enabled by the recent partnership between Zone and NIBSS to perform PTSA functions using blockchain technology. This compliance is reinforced by CBN’s endorsement of the new arrangement.

This move is a natural progression in PalmPay’s journey as it continues to solidify its leadership and prepare for an ambitious phase of growth. By integrating with Zone’s network, PalmPay gains a powerful competitive edge, positioning itself at the forefront of the industry and setting the stage for the next wave of expansion.

Chika Nwosu, Managing Director at PalmPay Nigeria, said: “Our partnership with Zone marks an exciting step in our mission to deliver exceptional financial solutions. By leveraging Zone’s blockchain-powered infrastructure, we’re reinforcing the reliability and speed of our transactions, allowing us to better serve our customers and set a new standard in digital finance.”