Nigerian payments infrastructure company Zone has reached a significant milestone, processing over ₦1 trillion in transactions on its blockchain network between November 2022 and December 2024. According to the company's CEO, Obi Emetarom, Zone's blockchain network has recorded 100 million transactions, averaging ₦10,000 per transaction. This achievement is notable, especially considering the decline in ATM usage in the past three years.

Despite the decline in ATM transaction values from ₦32.65 trillion in 2022 to ₦28.2 trillion in 2023, Zone's blockchain network has managed to process a substantial number of transactions. The company's CEO attributes this success to the pilot program launched in November 2022, which allowed them to test their system and build a credible network. Zone's network allows banks to achieve faster settlement rates on ATM transactions, and its partnership with the Nigeria Inter-Bank Settlement System Plc (NIBSS) has enabled the company to record POS transactions on its blockchain ledger.

The initial rollout of Zone's blockchain network faced challenges, including onboarding banks and convincing regulators that the network could comply with existing regulations. However, the successful pilot in late 2022 paved the way for the company's commercial launch in January 2023. Since then, Zone has worked closely with banks to expand its network, which now reaches 10,000 transactions per second (TPS) "right out of the box."

In June 2024, Zone expanded its blockchain network to POS terminals, and in August, the company partnered with NIBSS to record POS transactions on its blockchain ledger. Although the integration faced delays due to NIBSS's institutional structure and the lack of clarity around the stance of the Central Bank of Nigeria (CBN), the partnership was eventually approved in December 2024. Zone has added NIBSS to a testnet on its blockchain and is currently testing its network to ensure data integrity before launching the live environment.

Zone's cautious approach to rolling out its blockchain to POS payments is aimed at maintaining the trust of regulators. The company's CEO is confident that Zone's technology can be exported across Nigeria's borders in the coming years, although no talks have been established with foreign financial institutions. Zone has declined to share its revenue numbers, citing a "confidentiality clause" from its investors.

Looking ahead, Zone plans to take its blockchain payment rail to businesses that provide account-to-account fund transfers, bringing its technology closer to the average Nigerian. The company's achievement of processing over ₦1 trillion in transactions on its blockchain network marks a significant milestone in the adoption of blockchain technology in Nigeria's payments infrastructure.