FINTECH AFRICA | Nigerian Fintechs, Accelerex and ITEX, Go Onchain with Zone’s Regulated Blockchain Network

Two of Nigeria’s leading fintech firms, Accelerex and ITEX, have officially joined Zone, a regulated blockchain payment infrastructure, in a move that underscores the growing institutional embrace of decentralized technologies across Africa’s financial landscape.

This integration allows both companies – major players in Nigeria’s point-of-sale (POS) terminal market – to process transactions directly onchain. By leveraging Zone’s decentralized network, Accelerex and ITEX can now:

• facilitate instant settlement
• reduce transaction failures, and
• offer a more transparent and secure payment experience

for merchants and users alike.

Accelerex and ITEX provide the technology that powers transactions at merchant locations across Nigeria, processing billions in value monthly.

Zone operates on Hyperledger Fabric, a permissioned blockchain framework designed for enterprise-grade applications. Its infrastructure replaces traditional, centralized payment switches with a peer-to-peer transaction model, enabling direct communication and settlement between card-issuing financial institutions and merchant service providers.

POS terminals are a cornerstone of Nigeria’s payment infrastructure, especially in areas where mobile money and cash withdrawals via card are prevalent. By tapping into blockchain, Accelerex and ITEX are addressing long-standing issues like chargeback fraud, delayed settlements, and intermediary failures – all while remaining compliant with regulatory requirements.

“Our integration with Zone’s blockchain-powered payment network strengthens our ability to process payments seamlessly, eliminate chargebacks, ensure real-time settlement, and maintain full regulatory compliance,” said Chuks Anakudo, Managing Director of Accelerex.

Obi Emetarom, CEO of Zone, added:

“The adoption of blockchain payments by major players like Accelerex and ITEX signals an industry-wide shift.

As financial institutions prioritize payment reliability, operational efficiency, and compliance, we are proud to provide the regulated blockchain infrastructure that makes this transformation possible.”

The move follows similar integrations by:

• Baxi by Onafriq
• Fairmoney Microfinance Bank
• Konga, a licensed mobile money operator, and most recently,
• Flutterwave, which joined Circle’s stablecoin-based payment network in April 2025

to enable onchain cross-border transactions.

Earlier in 2025, KPMG Nigeria urged traditional financial institutions to collaborate with crypto-native platforms, citing blockchain’s ability to enhance reliability and innovation in payment services. The message is resonating: more traditional finance (TradFi) firms are looking to decentralized finance (DeFi) rails to stay competitive and future-ready.

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