Two of Nigeria’s leading payment service providers, Accelerex and ITEX, have joined leading banks and fintechs on Zone’s regulated blockchain network for payments.
Zone, Africa’s fastest-growing payment infrastructure company, will power payments for these two institutions, which represent over 50% of the market share for Bank-focused PTSP services, marking a significant shift toward blockchain-enabled payments as the new standard for financial institutions.
As industry leaders, both Accelerex and ITEX provide the technology that powers transactions at merchant locations across Nigeria, processing billions in value monthly.
By integrating with Zone’s decentralized payment network, they gain access to a more reliable, efficient and compliant payment infrastructure, eliminating transaction failures and enabling instant settlements for financial institutions and merchants.
The traditional centralized payment infrastructure in Nigeria has historically introduced multiple failure points, delays, and reconciliation inefficiencies. By moving to Zone’s regulated blockchain network, Accelerex and ITEX now bypass intermediaries, ensuring direct transaction routing to issuers, as well as real-time reconciliation that eliminates chargebacks and chargeback fraud.
With this transition, both companies will significantly enhance their service offerings to Acquirers (commercial Banks), who are their primary clients, while adhering to relevant Central Bank guidelines, as Zone’s regulated blockchain network is fully compliant and approved by the CBN.
Speaking on the partnership, Chuks Anakudo, Managing Director of Accelerex Nigeria, said:
“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance; ultimately improving transaction efficiency across Nigeria. This underscores our commitment to providing our customers with the best payment experience. ”
Why These Partnerships Matter
- Direct Transaction Routing: Eliminates failure points by enabling bidirectional communication between issuers and acquirers which reduces transaction disruptions.
- Real-Time Settlements: Transactions settle instantly, improving liquidity and cash flow for merchants and financial institutions.
- Automated Reconciliation & Chargeback Prevention: The blockchain network ensures full transaction visibility, preventing chargeback fraud and disputes.
- CBN & PTSA Compliance: Zone’s infrastructure fulfils PTSA regulatory requirements, delivering a nice blend of regulatory compliance and superior service quality to all participants.
“The adoption of blockchain payments by major players like Accelerex and ITEX signals an industry-wide shift,” said Obi Emetarom, Co-Founder & CEO, Zone. “As financial institutions prioritize payment reliability, operational efficiency, and compliance, we are proud to provide the regulated blockchain infrastructure that makes this transformation possible.”
With two of the largest payment service providers now leveraging blockchain-powered payments, the financial industry is witnessing a pivotal moment. More institutions are recognizing the need to modernize their infrastructure, and Zone is at the forefront of enabling this transition.
About Accelerex
Accelerex is one of Africa’s leading Fintech companies, offering businesses robust payment solutions and establishing itself as the preferred physical payments partner to all merchant acquiring banks in Nigeria. The Fintech company has over 150,000 merchants and agent endpoints across Africa and has consistently ranked as one of the top providers of payment channel services (by value of transactions processed) in Nigeria since 2018. It currently operates in Nigeria, Ghana and across East Africa.
About ITEX
ITEX Integrated Services Limited is a CBN-licensed super-agent and a leader in payment technology, providing financial services, agency banking, and payment acceptance solutions across Nigeria. ITEX is committed to driving financial inclusion through its robust payment infrastructure and strategic industry partnerships.
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.
