Zone, Nigeria’s first licensed blockchain financial institution, has processed over ₦1 trillion ($660 million) in transactions between November 2022 and December 2024. The company operates a Layer-1 blockchain network, allowing direct financial transactions without intermediaries.
Zone initially piloted its blockchain technology with ATMs, recording 100 million transactions with an average value of ₦10,000 ($6.60) per transaction.
Despite a decline in ATM usage—dropping from ₦32.65 trillion ($21.5 billion) in 2022 to ₦28.2 trillion ($18.6 billion) in 2023—Zone’s adoption has expanded, especially with the launch of ZonePOS in June 2024, enabling blockchain-powered POS payments.
According to CEO Obi Emetarom, “We used the ATM as a pilot to introduce something new. We didn’t want to start loading our system with heavy transactions, so we chose a transaction type that is manageable to build a credible system.”
Currently, 12 banks use Zone’s blockchain network, which boasts a capacity of 10,000 transactions per second (TPS). With growing adoption in Nigeria’s financial sector, Zone is paving the way for faster, more secure digital payments using blockchain technology.
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