NIBSS unveils NQR code payment system to promote digital transaction, boost businesses
Nigeria Inter-Bank Settlement System Plc (NIBSS) has launched an innovative payment platform, New Quick Response (NQR) code, to promote digital transaction and enhance consumer payment experience while driving growth for business owners.
According to the financial provider, the payment platform, implemented on behalf of all financial service providers, will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption.
The payment solution also offers a robust platform that delivers instant value for P2B and P2P transactions by simply scanning to pay
The firm said the 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, as 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 virtual launch, the Deputy Governor, Financial Systems Stability Central Bank Of Nigeria and Chairman, NIBSS, Mrs. Aishah Ahmad, commended the NIBSS team for the financial payment platform.
She said 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,” she added.
On his part, the Chief Executive Officer, NIBSS, Premier Oiwoh, said the NQR Payment is about re-creating the Nigerian payment experience whilst deepening financial inclusion in the country.
He explained that digital transactions supported through the NQR code payments will promote and enhance consumer payment experience while driving growth for business owners
“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,” he added.