Nigerian fintech giants Accelerex and ITEX have taken a major step towards blockchain adoption, integrating their systems with Zone’s regulated decentralized payment network. This move will allow both firms — among Nigeria’s leading payment terminal service providers (PTSPs) — to process point-of-sale (POS) transactions on-chain for merchants and customers across the country.
Blockchain-Powered POS Transactions in Nigeria
In an official press release, Accelerex and ITEX announced that by joining Zone’s blockchain network, they will significantly eliminate transaction failures, enable instant settlement, and strengthen dispute resolution mechanisms.
At the heart of their business models, both Accelerex and ITEX specialize in the issuance, deployment, and maintenance of POS terminals — critical hardware devices that businesses use to accept and process card payments. With the rising popularity of POS terminals in Nigeria — not just for card payments but also for quick cash withdrawals and mobile money transactions — the integration with Zone’s blockchain infrastructure marks a significant leap forward in payment processing technology.
By leveraging Zone’s decentralized peer-to-peer (P2P) network, Accelerex and ITEX can bypass traditional third-party intermediaries, ensuring that payment transactions are routed directly to the financial institutions that issued the cards. This direct connection means faster processing, instant settlements, quicker dispute resolutions, and greater protection against chargeback fraud, all made possible by the transparency and traceability that blockchain technology offers.
What They’re Saying
Chuks Anakudo, Managing Director of Accelerex, emphasized the benefits of the integration:
“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.”
Similarly, Obi Emetarom, CEO of Zone, highlighted the broader implications for the industry:
“The adoption of blockchain payments by major players like Accelerex and ITEX signals an industry-wide shift. As financial institutions prioritize payment reliability, operational efficiency, and compliance, we are proud to provide the regulated blockchain infrastructure that makes this transformation possible.”
About Zone’s Regulated Blockchain Infrastructure
Zone operates a decentralized payment network built on Hyperledger Fabric, a permissioned blockchain technology developed for enterprise use cases. Initially designed to facilitate ATM transaction switching among Nigerian banks, Zone has rapidly expanded into the blockchain-powered POS space, securing necessary regulatory licenses along the way.
Unlike traditional, centralized payment switches that depend heavily on intermediaries, Zone’s blockchain network enables a direct, peer-to-peer connection between transaction participants, streamlining the settlement process and reducing costs.
Zone’s growing roster of partners includes notable Nigerian fintechs such as Baxi, FairMoney, and Konga, who joined the network in 2024, bringing the total number of institutions utilizing Zone’s infrastructure to 24.
The Bigger Picture: TradFi Goes Decentralized
Accelerex and ITEX’s move to integrate blockchain technology reflects a broader trend across Nigeria’s financial sector. Traditional finance (TradFi) institutions are increasingly embracing decentralized finance (DeFi) tools to enhance service delivery, increase efficiency, and stay competitive.
Earlier this year, a KPMG report urged Nigerian financial institutions to adopt blockchain solutions and collaborate with crypto-native firms. According to the report, partnerships between TradFi and DeFi players can unlock innovation, expand service offerings, and improve resilience in the financial ecosystem.
This trend is gathering momentum. In April, Flutterwave, another leading Nigerian fintech, joined the Circle Payment Network, leveraging stablecoins for cross-border settlements on-chain. Additionally, South African banking giant Nedbank announced plans to roll out smart contract technology within the next year to modernize its services.
The integration of Accelerex and ITEX into Zone’s regulated blockchain network marks a pivotal moment for Nigeria’s payment infrastructure. As more traditional players embrace blockchain technology, the future of seamless, secure, and efficient financial transactions in Africa looks increasingly decentralized — and promising.
