PalmPay, a leading mobile payment platforms in Nigeria has made history by announcing that it will integrate with Zone’s controlled blockchain network. This strategic alliance has the potential to completely transform the financial services industry in Nigeria and elsewhere. To improve payment security, Zone and PalmPay have formed a partnership.
What is Zone’s Regulated Blockchain Network?
Zone is a state-of-the-art blockchain platform that was created to offer a safe, open, and regulated setting for financial transactions. It is a relatively new company, a recent entrant in the Nigerian fintech sector, with a focus on providing block-chain based solutions for financial institutions and mobile money operators.
In a statement made available by the Co-founder and Chief Executive Officer of Zone, Obi Emetarom, on Thursday January 23, 2025, the co-founder stated that the partnership integrates PalmPay into Zone’s blockchain network, offering secure and compliant payment solutions across its vast network of over 1.2 million agents and merchants.
“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,” Emetarom stated.
The statement added that by joining Zone’s decentralized blockchain network, PalmPay aims to strengthen its payment infrastructure, ensuring a secure transaction experience for its 35 million users. The collaboration eliminates intermediaries, enhancing the reliability and security of payments while providing PalmPay users with uninterrupted service.
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Emetarom, also noted that the collaboration aligns with Zone’s focus on providing secure and compliant payment solutions. He stressed that the move will allow PalmPay to expand its market leadership by offering an enhanced value proposition to its users.
Also, the managing director at PalmPay Nigeria, Chika Nwosu, spoke about the partnership’s potential to improve the reliability and speed of PalmPay’s transactions, further solidifying the platform’s status as a leader in digital finance across Africa.
Through the use of blockchain technology, Zone helps companies to increase efficiency, lower expenses, and foster trust. Some of the advantages of PalmPay’s integration with Zone’s regulated blockchain network are numerous and include:
- Enhanced Security: Zone’s blockchain network shields PalmPay users from fraud and online threats by offering a safe and impenetrable environment for financial transactions.
- Greater Transparency: Adopting blockchain technology guarantees that every transaction is documented in an unchangeable, transparent ledger, encouraging responsibility and confidence. Improved Efficiency: Zone’s regulated blockchain network enables PalmPay to streamline its payment processes, reducing transaction times and increasing the overall efficiency of its services.
- Compliance with Regulatory regulations: By integrating with Zone’s regulated blockchain network, PalmPay displays its commitment to compliance with regulatory regulations, safeguarding the integrity and reliability of its financial services.
This partnership is poised to play a very important role in determining the future of the industry as Nigeria continues to embrace digital payments and financial inclusion. PalmPay’s collaboration with Zone’s regulated blockchain network is a testament to the company’s dedication to innovation, security, and transparency.
As Nigeria’s financial services landscape continues to change, this partnership is poised to drive growth, increase efficiency, and promote financial inclusion. Now that PalmPay and Zone are at the forefront, the future of financial services in Nigeria has never looked better.