Nigerian Banks Join Zone’s Payment Network After $8.5M Funding Boost
Three major Nigerian banks, First Bank, United Bank for Africa (UBA), and Zenith Bank, have recently joined Zone’s decentralized payment network.
This development follows Zone’s successful securing of $8.5 million in seed funding led by Flourish Ventures and TLcom Capital, as announced in a statement by Zone’s Vice President of Marketing and Corporate Communications, Olayiwola Osoba, on Wednesday.
Obi Emetarom, the CEO and co-founder of Zone, has expressed enthusiasm about the collaboration with First Bank, UBA, and Zenith Bank while he emphasized that their participation underscores growing confidence in Zone’s technology, which he believes will enhance Nigeria’s payment landscape and foster a more inclusive financial ecosystem free from reliance on cash.
“We are thrilled to have UBA, Zenith Bank, and First Bank our network. Their integration into our decentralized payment network is a significant milestone in our journey to advance the payment landscape in Nigeria and the rest of the world.
“Having some of Africa’s largest and most reputable financial institutions, underscores the growing trust in our technology and its ability to deliver on our promise of reliable, frictionless and universally interoperable payment experiences,” he said
According to Osoba, integrating these prominent banks into Zone’s network represents a significant stride towards achieving a cashless society in Nigeria. He highlighted that Zone’s technology ensures end-to-end transparency, prevents chargeback fraud, and facilitates same-day settlements.
