The partnership will allow participating financial institutions to view the blockchain ledger that contains all recorded transactions. Banks and fintechs will use this data to reconcile transactions, settle disputes quickly, cut customer wait times, and reduce chargeback and other POS-related fraud.

There are two intermediaries in POS transactions: the payment switches and the Payment Terminal Service Aggregator (PTSA). When a POS transaction is initiated, the PTSA manages the interaction between the cardholder and the terminal, while the payment switch receives this transaction data from the PTSA and routes it to the cardholder’s bank. 

This siloed communication pattern makes reconciliations difficult when there are downtimes. Zone, a payment switch itself, is shortening the communication path for processing POS transactions with this decentralised blockchain ledger. 

“We’ve built the PTSA functionality into the blockchain network so that every node [on the blockchain] can perform these checks,” Zone CEO Obi Emetarom told TechCabal in an interview.

“The PTSA [NIBSS] will use that function to screen payment terminal transactions which they perform today on a central system.”

NIBSS will perform its PTSA functions in the blockchain system. The data from both systems will be harmonised into a central repository that better serves the PTSA.

Zone first implemented its blockchain technology in automated teller machines (ATMs) before creating a module within its layer-1 blockchain system to accommodate POS payments. Unlike ATM transactions that did not need a PTSA, Zone says the partnership with NIBSS was crucial as its switching licence was not enough to grant it access to POS payments.

Emetarom acknowledges that for the blockchain-based PTSA to work, it has to achieve a wider scale. Banks and fintechs with interests in the agency banking sector have to come onboard—many, if not all of them. Currently, over 30 financial institutions are integrated with the Zone network. 

Zone currently offers this integration service at no upfront cost. If there’s no chance for these banks and fintechs to lose money, then it incentivises them to sign up; and if they’re impressed by this technology, they’ll sign on for a longer term.

Despite what looks like a win for Nigeria’s payments system, Zone has to keep an eye out for the transaction volume on its system. One of the arguments around NIBSS is the need to scale its infrastructure to accommodate the growing volume of daily digital payments.

“The only issue with it is transaction throughput. Some [blockchain] layers take about 5 minutes to reach finality, and the receiving party cannot access the money until then, causing a lag in moving money around,” said one blockchain developer who asked not to be named.

While Zone didn’t specify the transaction volume it has processed, the company claims the success rate is over 99%. 

“In 5 years, POS-related fraud activities—particularly the ones related to chargeback—will be zero or very close to zero because we expect to have achieved the scale to have the level of impact required to reduce the cases by more than 99%.”

LMUN is a leading platform for youth engagement in international affairs. Established in 2016, it has grown to become one of the most respected Model UN conferences in Africa, attracting delegates from across the continent and beyond. The conference brings together young leaders and aspiring diplomats to discuss and propose solutions to global issues to foster diplomacy, cooperation, and understanding.

Key Highlights of LMUN 2024

1. Theme: This year’s theme, “Youth at the Forefront: Catalyzing Global Change through Active Participation,” focuses on the pivotal role of youth in driving global change through active involvement and leadership.

2. Committee Sessions: Delegates will engage in rigorous debates and negotiations in various committees, including the General Assembly, Security Council, and other specialized agencies. Topics will range from climate change to global health, reflecting current international challenges and prospects.

3. LMUN Idea Fair: Delegates who register for the conference can apply to the Idea Fair competition to win an N300,000 grant to fund their project-based solutions for challenges related to SDGs 1, 3, and 8. On the second day of the conference, delegates will present their solutions to the conference attendees and a panel of judges.

4. Workshops and Training: The conference will offer a series of workshops inviting prominent speakers from diverse fields, including international relations, diplomacy, and development. These experts will share insights and inspire delegates to think critically and act effectively.

5. Networking Opportunities: Participants will have the opportunity to connect with peers, mentors, and professionals from various backgrounds, fostering lasting relationships and expanding their global networks.

6. Pledge Drive: LMUN is partnering with Isrina Schools, an initiative with a mission to offer underprivileged children access to quality basic education at no or heavily subsidized rates. They are inviting members of the society to sponsor the conference and, in turn, change lives. 

“For us, LMUN is about empowering young people to become more confident and socially conscious. Our goal is for every participant to leave this conference with the conviction that they can make a meaningful impact on the world,” said Treasure Okure, the Secretary General of the 2024 Conference.

Participants can register for LMUN 2024 through the official website. The registration fee includes access to all conference sessions, materials, feeding, and social events. Flexible payment options, including installment plans, are available to ensure that as many students as possible can participate.

By engaging with the world and its issues from a problem-solving perspective, the conference aims to contribute in raising a generation of young leaders dedicated to shaping the world they want to see. 

For more information on LMUN, please visit their website or contact info@lmun.ng or asg1@lmun.ng. 

Stay connected with LMUN online:

• Website: https://lmun.ng/ 
• Twitter: https://x.com/lmun_ng 
• Instagram: https://www.instagram.com/lmun_ng/ 
• LinkedIn: https://www.linkedin.com/company/lagos-model-united-nations 

Launched at the peak of COVID in 2020, The Future is Female Mentorship Programme has trained over 100 African female tech founders in media, public relations, and communications. This year, Salesforce Ventures Impact Fund joins longtime partners of the program, including Africa-focused tech publication TechCabal, Africa Communications Week, a global platform that connects Africa’s communications professionals, and startups database company, F6S.

Claudine Moore, Allison’s Africa managing director and the initiative’s founder, expressed her excitement as the programme reached this milestone. “I am delighted to celebrate The Future is Female Mentorship Programme’s fifth anniversary and its incredible journey supporting African female tech founders. This milestone shows our dedication to empowering underserved African women in tech.”

Female founders and all-female founding teams raised only 2.3% of the total funding in Africa last year. While discussions to improve female participation in tech entrepreneurship have been ongoing, the reality remains challenging. There’s hope this will change as more women join the tech startup scene and venture capitalists (VCs) actively create opportunities to invest in their businesses. However, a critical issue persists: the lack of storytelling skills among founders.

For female founders, media, communications, and public relations training are crucial to pitching their startup’s brand stories to potential investors to secure funding and scaling their businesses. It is equally as important for founders, as the public face of their companies, to have the skills needed to make media appearances and handle media crises when they arise. This is where The Future is Female Mentorship Programme makes a significant impact.

The programme is growing in popularity among African female tech founders. Applications have more than doubled, seeing a 253% increase from 2020 when it started. Last year, it received close to 500 applications, with 20 female founders emerging as finalists.

Like the previous editions, the selected mentees on the fifth edition will participate in four private masterclasses. Claudine Moore will lead the first masterclass, joined by Africa Communications Week co-founders, Annie Mutumba and Eniola Harrison. TechCabal will host the second and third masterclass sessions. While Salesforce Ventures Impact Fund will teach about venture capital funding in the final masterclass.

Female tech founders in Africa that show traction operating early-stage startups focusing on health, education, finance, agriculture, and sustainability are encouraged to apply here.

Salesforce Ventures Impact Fund has historically invested in female-led startups across its portfolio and was eager to support the program for the second consecutive year. Ahead of the launch, Lauryn Poyser, an investor at Salesforce Ventures Impact Fund said, “Salesforce Ventures Impact Fund remains committed to fostering a more inclusive venture capital ecosystem and supporting underrepresented founders.”

* A previous version of this article incorrectly listed Google for Startups Accelerator: Women Founders Africa Programme as a partner for this year’s edition.