- With Over 1,200,000 Agents & Merchants, PalmPay is Leveraging Blockchain technology to Strengthen Transaction Reliability
Zone, Africa’s fastest-growing payment infrastructure company, is pleased to announce 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, and 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 automatically gains key advantages that set it apart in the industry. These advantages include:
- Direct Transaction Routing: Zone’s network eliminates the need for intermediaries, eliminating unnecessary points of failure and allowing for more reliable and secure transaction processing. This ensures that PalmPay’s users experience uninterrupted transactions along with a seamless payment journey that meets the demands of a rapidly growing customer base.
- End-to-End Transparency: Zone’s infrastructure offers full transaction visibility, supporting automatic reconciliation that effectively eliminates chargebacks and protects against chargeback fraud. For PalmPay, this means a more secure and trustworthy system for its users, who can transact with greater confidence knowing that their payments are protected from potential disputes and fraud.
- Same-Day Settlement: With Zone’s same-day settlement capabilities, PalmPay can deliver quicker value from successful transactions directly to its customers. This expedited settlement process unlocks liquidity, as customers benefit from faster access to their funds, solidifying PalmPay’s reputation for efficiency and reliability.
In addition, PalmPay will remain fully compliant with regulatory guidelines for POS transaction processing. This compliance is enabled by the recent partnership between Zone and NIBSS to perform PTSA functions using blockchain technology and reinforced by CBN’s endorsement of the new arrangement —. With this foundation, PalmPay strengthens its commitment to reliable and frictionless payments while remaining fully compliant with all relevant regulations.
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. Forward-thinking decisions like these have fueled PalmPay’s remarkable rise, and integrating with Zone further strengthens its commitment to staying ahead; leading the way in reliable, and compliant payments for millions across Africa.
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 success rate of 99.5%, allowing us to better serve our customers and set a new standard in digital finance.”
About Zone
Zone is a regulated blockchain network that enables payments and acceptance of digital currencies. Its Layer-1 Blockchain network digitises Fiat payments and enables the transition to digital currencies while connecting previously excluded financial institutions into an all-inclusive payment ecosystem.
Zone, Africa’s first decentralised payment network, allows participating institutions to connect directly with each other and perform payment transactions without an intermediary while completely automating settlement, reconciliation, and dispute management.
The Company is working with the brightest minds on the continent to lay the foundation for the decentralised future of financial services. Its mission is to connect every monetary store of value by harnessing the power of blockchain.
For more information, please visit www.zonenetwork.com.
About Palmpay
PalmPay is a leading Africa-focused fintech platform committed to driving economic empowerment in Africa. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians, actively driving financial inclusion.
PalmPay offers money transfers, bill payments and savings on its app and via its mobile money agents.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and connects 1.2 million businesses through its network of mobile money agents and merchants, cementing its role as a leader in the Nigerian fintech ecosystem.
For more information about PalmPay, please visit www.palmpay.com .
