Category: Blog
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Eliminating Chargebacks: How Blockchain is Transforming POS Transactions in Nigeria
Nigeria’s digital payment landscape is booming. In 2022 alone, POS transaction value skyrocketed to over N41 trillion an 846-fold increase from a decade prior. But this explosive growth has a dark underbelly: a parallel surge in chargeback fraud, costing financial institutions billions of Naira and eroding merchant-customer trust. Recent headlines paint a stark picture: For…
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Beyond Mobile Money: How Blockchain Infrastructure is Powering Africa’s Next Payment Revolution
Africa’s payment revolution began with mobile money, but it certainly won’t end there. In just over a decade, the continent has rewritten the global playbook on financial inclusion. With more than 1.1 billion registered mobile money accounts processing over $2 million per minute, Africa has demonstrated its extraordinary capacity for leapfrogging traditional banking models. Mobile…
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What the Data Tells Us About the Future of Payments in Africa
Africa is quietly building one of the most dynamic payment ecosystems in the world, and the data tells a powerful story. Africa’s payment landscape is undergoing a seismic shift in response to necessity, innovation, and opportunity converging at scale. The recent desktop research article discussing the future of payments in Africa explores how the continent…
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Regulation, Innovation, and the Battle for Trust in Nigeria’s Payments Space
Nigeria’s digital payments sector is expanding rapidly, but this growth is not without consequences. According to the FITC, financial fraud losses soared to ₦53.4 billion in the first nine months of 2024, a staggering 468% increase from ₦9.4 billion in the same period of 2023. Contributing factors include identity theft, chargeback fraud, and large-scale breaches…
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What ₦828 Trillion Tells Us About the Future of Payments in Nigeria
In the first half of 2024, Nigerians moved ₦828 trillion through internet transfers alone. To put that in perspective, that figure reflects that Nigerians moved more through internet transfers in six months than the country’s annual GDP. It also reflects an 83% increase over internet transfer values recorded in H1 2022, a sign of how…
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CBDCs & The Possibility of Financial Inclusion In Africa, Pt.2
In our first post on this topic, we took a look at what Central Bank Digital Currencies (CBDCs) are and their potential to advance financial inclusion in African countries. We established that CBDCs – and more generally digital currencies – have different applications and use cases, chiefly as the core of more efficient transactions &…
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CBDCs & The Possibilty of Financial Inclusion In Africa, Pt.1
In this part of a 2-part series, we take a look at the potential of CBDCs in guiding African countries toward financial inclusion and efficient delivery of public services. Digital currencies have surged in popularity over the last few years as cryptocurrencies and stablecoins have become more popular. Especially with the substantial market growth of…
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DeFi 2.0: Fully Regulated and Compatible with CBDCs
DeFi 2.0: Fully Regulated and Compatible with CBDCs With traditional finance (TradFi), service delivery relies on conventional financial institutions, which run operations and serve as financial intermediaries. By eliminating dependence on financial intermediaries and leveraging other key characteristics of Blockchain technology, decentralized finance (DeFi) has vast potential to reduce cost, improve utility and enable access…
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Supporting Men in Tech: Zone’s Commitment to Gender Balance.
By Taiwo Beyioku (Talent Acquisition Manager) As the tech industry evolves, the conversation surrounding gender equality has gained significant momentum. While much of the focus has been on empowering women, it’s equally important to recognize the role men play in fostering a more inclusive and equitable workplace. At Zone, we believe that gender balance is…