Through the agreement, ThetaRay will provide Zone the SaaS-based SONAR AI solution that can detect and prevent the earliest signs of sophisticated attempts to launder money or circumvent financial sanctions and watchlists. The solution will help Zone ensure it fully complies with regulatory AML requirements and increase its growth opportunities by providing a trustworthy and secure service.
Zone is one of Africa’s first decentralised or peer-to-peer payment network based on blockchain technology, which allows payment transactions without dependence on intermediary switches. The decentralised architecture and the underlying technology enhance reliability, eliminate customer disputes, reduce the cost of operations, and automate back-office reconciliation. The network is a true web-scale infrastructure with a capacity for transaction processing throughput of over 50,000 transactions per second.
Zone’s officials said that by integrating with ThetaRay, they have enhanced their security measures and improved their regulatory compliance whilst providing faster transaction processing for their users within their decentralised payment network. They look forward to working even more closely with ThetaRay to continue delivering frictionless operations and reliable transactions to customers.
As one of Africa’s largest economy with a population of 200 million, Nigeria is home to a large fintech ecosystem with more than 200 fintech companies. The country’s youthful population has driven Nigeria’s thriving fintech sector, increased smartphone penetration, and a focused regulatory drive to increase financial inclusion and cashless payments, according to the McKinsey research firm. The booming fintech market is helping improve financial inclusion in Nigeria, where more than 40% of the population is unbanked.
Representatives from ThetaRay stated that Zone is fronting Nigerian fintech innovation with a platform capable of revolutionising the financial system through inclusive services that positively impact people’s lives. By deploying sophisticated AI technology to monitor and screen payments, Zone will embed the trust into its services, enabling it to grow volume, revenues, and ecosystem partners.
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