Two Nigerian Fintech Giants Accelerex and ITEX Embrace Blockchain for Reliable Payments
Two prominent Nigerian fintech companies, Accelerex and ITEX, have recently joined Zone, a regulated blockchain payment infrastructure. This move signals a significant shift in the industry's approach to payments, prioritizing reliability, efficiency, and compliance.
Zone, operating on the Hyperledger Fabric blockchain framework, enables direct onchain transaction processing for Accelerex and ITEX. This innovation facilitates instant settlement, reduces transaction failures, and enhances payment transparency and security. The integration also addresses long-standing issues such as chargeback fraud and delayed settlements, which have plagued traditional POS terminals in Nigeria.
Chuks Anakudo, Managing Director of Accelerex, expressed that this integration strengthens their ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance. Obi Emetarom, CEO of Zone, noted that the adoption of blockchain payments by major players like Accelerex and ITEX indicates a broader industry trend towards embracing blockchain technology for its numerous benefits.
Despite no specific financial institutions processing over 1 billion Naira transaction value through Zone's infrastructure in the last two years being identified, the integration of Accelerex and ITEX marks a substantial step forward for blockchain-based payments in Nigeria. This shift promises improved payment experiences, enhanced security, and increased operational efficiency for both consumers and businesses.
