Accelerex and ITEX Join Zone’s Blockchain Network for Real-Time Payment Settlements

Nigeria’s top payment terminal service providers, Accelerex and ITEX, have announced their integration into Zone’s regulated blockchain network to enhance payment efficiency and enable real-time settlements. This move signifies a major step forward for the Nigerian payment landscape as the two companies, which command over 50% of the market share in Bank-focused PTSP services, adopt blockchain technology. Zone, known for its fast-growing payment infrastructure across Africa, will now power transactions for both Accelerex and ITEX, shifting the industry towards blockchain-driven payment solutions.

Chuks Anakudo, managing director of Accelerex, emphasized that joining Zone’s blockchain network would help his company process payments seamlessly while maintaining full regulatory compliance. This partnership will eliminate chargebacks, ensure real-time settlement, and improve overall transaction efficiency. ITEX, similarly, expects to benefit from blockchain’s enhanced reliability and operational capabilities, providing both financial institutions and merchants with a robust infrastructure to process payments.

The integration marks a critical moment for blockchain adoption in Nigeria’s financial sector, with both companies processing billions of Naira in monthly transactions. By joining Zone’s decentralized network, Accelerex and ITEX will bypass intermediaries and benefit from more direct, secure transaction routing, allowing for quicker and more accurate settlements. This innovation comes at a time when payment reliability and efficiency are key priorities for financial institutions in Nigeria.

Obi Emetarom, CEO of Zone, explained that blockchain adoption by key players like Accelerex and ITEX reflects a larger industry shift. Traditionally, centralized payment systems in Nigeria have been plagued by delays, reconciliation challenges, and failure points. With blockchain, these problems can be mitigated through automated processes that allow for real-time reconciliation and chargeback prevention, which significantly reduce transaction errors and fraud.

Experts in the field have pointed out that blockchain’s ability to facilitate bidirectional communication between issuers and acquirers eliminates failure points, ensuring smoother transactions. Additionally, the implementation of real-time settlements improves liquidity and cash flow for both merchants and financial institutions. With Zone’s infrastructure meeting regulatory requirements set by the Central Bank of Nigeria, Accelerex and ITEX are well-positioned to provide a superior and compliant payment experience for all involved parties.

Source: Business day