Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of
the NQR payment solution; an innovative payment platform implemented on behalf
of all financial service providers. The New Quick Response code solution offers
a robust platform that delivers instant value for P2B and P2P transactions by
simply scanning to pay. It is a solution that will unify the available closed
QR Code schemes in the country for consistent user experience and accelerated
digital adoption.
This Payment Solution designed to be
"low cost" for merchants would see shoppers scan a QR code generated
by a seller to pay for an item. Each code will have unique details containing
the information relating to the transaction and would link with a customer's
Banking App, already enabled on their smartphone.
Speaking during the event, the Deputy
Governor, Financial Systems Stability Central Bank Of Nigeria & Chairman,
NIBSS, Mrs. Aishah Ahmad, commended the NIBSS team for this trail blazing
achievement. She stated that "the CBN as regulator of the banking and payment
system in Nigeria is committed to providing an enabling regulatory environment
that ensures interoperability, proper market conduct and continued innovation
within the financial services ecosystem to foster healthy competition, high
quality service and financial inclusion. Against this background, the Bank
recently released of the Regulatory Framework for Sandbox Operations in Nigeria
and the Guidelines on Open Banking with the objective of opening up the terrain
for more transformative ideas and encouraging start-up companies to grow and
contribute to the overall economic development in Nigeria”.
On his part, the CEO of NIBSS, Mr.
Premier Oiwoh, added – “with more people being able to pay for goods and
services with just their smartphones, the ‘NQR Payment is about re-creating the
Nigerian payment experience whilst deepening financial inclusion in the
country”, “Digital transactions supported through the NQR code payments will
promote and enhance consumer payment experience while driving growth for
business owners,” Oiwoh added.
This payment solution made available
by Banks and other financial institutions has been hailed by financial experts
as the ‘Future of Payments’; it will unlock a wealth of extra benefits that
will transform the way Nigerians choose to pay for goods and services at all
levels.
As consumers and merchants alike move
towards technology-driven solutions, QR Codes are growing increasingly
important. Nigeria demonstrates yet again that it has a forward-looking
financial services industry, as it drives towards a truly cashless and
contactless society with NQR.
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