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Nigeria's Zone launches Blockchain-Powered PoS Solution

Fast-growing Nigerian fintech Zone has announced the launch of its blockchain-powered Point of Sales (PoS) solution

Nigerian-based fintech Zone has launched a blockchain-powered Point-of-Sale (PoS) payment gateway. This gateway routes transactions to issuers while complying with the Central Bank of Nigeria's regulations.

It facilitates same-day settlement for beneficiaries and financial institutions, aiming to eliminate chargebacks and chargeback fraud by promptly reimbursing customers for unsuccessful transactions.

A chargeback is a consumer protection mechanism for reversing disputed transactions. It occurs when a customer disputes a transaction and requests that their bank or credit card issuer reverse the payment.

Chargeback fraud, or friendly fraud, happens when a customer intentionally disputes a legitimate transaction to receive a refund while keeping the purchased goods or services.

The blockchain-powered gateway offers reliability and reduces friction compared to traditional centralized PoS systems. This development follows Zone's recent pivot to blockchain payments after raising $8.5 million amid increasing regulations for PoS agents in Nigeria.

Speaking on the launch of the PoS solution, Zone CEO Obi Emetarom said, “Today marks a pivotal moment not just for us at Zone but also for the Financial Institutions we enable and the esteemed customers they serve. Our PoS Payment Gateway Product is a commitment to financial inclusion and the digital future of all payments in Africa.

“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,” he added.