Zone, Africa’s first regulated blockchain network for payments, has announced a strategic partnership with PalmPay, one of Nigeria’s leading fintech platforms. The collaboration aims to enhance payment security, reliability, and compliance across PalmPay’s vast network of 1.2 million agents and merchants and its 35 million users.
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Zone CEO Obi Emetarom revealed that the integration of PalmPay into Zone’s decentralized blockchain network will deliver seamless, secure, and transparent payment solutions, strengthening Nigeria’s transition to a cashless economy.
Revolutionizing Payments Through Blockchain
This partnership offers PalmPay direct access to transaction routing, end-to-end transparency, and advanced regulatory compliance powered by Zone’s blockchain infrastructure. Notably, Zone’s partnership with the Nigeria Inter-Bank Settlement System (NIBSS) for the Payments Terminal Service Aggregator (PTSA) functions, which is endorsed by the Central Bank of Nigeria (CBN), further enhances the reliability of the integration.
PalmPay Nigeria Managing Director Chika Nwosu emphasized the collaboration’s potential to enhance the speed and reliability of transactions, stating:
“Our partnership with Zone ensures that we deliver on our promise of safe, fast, and transparent financial services, aligning with our mission to drive financial inclusion and improve the everyday payment experiences of millions of Nigerians.”
Strengthening PalmPay’s Position in African Fintech
This integration is a critical step in PalmPay’s broader mission to expand its footprint in digital financial services across Africa. By leveraging Zone’s blockchain network, PalmPay can:
- Enhance Security: Ensure secure and fraud-resistant transactions for users.
- Increase Transaction Speed: Optimize payment processing times across its expansive network.
- Improve Compliance: Strengthen regulatory adherence, building trust among users and stakeholders.
The partnership underscores PalmPay’s commitment to staying ahead in the competitive fintech market while advancing Nigeria’s cashless payment agenda.
Driving Financial Inclusion in Nigeria and Beyond
Both Zone and PalmPay share a common vision of driving financial inclusion and enabling cashless transactions for millions of underserved Nigerians. With smartphone penetration rising across Africa, this collaboration positions PalmPay to capitalize on the growing demand for digital financial services.
Zone’s blockchain technology provides the backbone for a decentralized, transparent, and efficient payment network, making it a game-changer for financial institutions and fintech companies across the continent.
Strategic Alignment with Nigeria’s Financial Goals
The partnership aligns with Nigeria’s push to become a cashless economy, supported by initiatives from the Central Bank of Nigeria. By integrating blockchain technology, PalmPay and Zone are contributing to:
- Reducing Fraud: Strengthening payment security and transparency through blockchain’s immutable ledger.
- Promoting Financial Literacy: Encouraging adoption of digital payment systems among Nigeria’s unbanked population.
- Boosting Economic Growth: Enabling faster and more reliable transactions for businesses and consumers.
The Future of Digital Payments in Africa
As Africa’s fintech landscape evolves, partnerships like this signal the continent’s readiness to embrace cutting-edge technologies for financial inclusion and economic growth. PalmPay’s integration with Zone’s blockchain network not only sets a benchmark for secure and compliant payment systems but also highlights the potential of decentralized networks to transform the financial ecosystem.
With over 1.2 million agents and 35 million users, PalmPay’s adoption of blockchain technology marks a pivotal moment in Nigeria’s journey toward digital transformation.