NIBSS finally launches NQR Code payment solution in Nigeria

NIBSS NQR Code Payment Solution

NIBSS finally launches NQR Code payment solution in Nigeria


 

Nigeria’s financial services industry has just witnessed a significant shift with the formal launching of the NQR payment solution, developed by the Nigeria Inter-Bank Settlement System (NIBSS) to create seamless and contactless transactions in local financial markets.

The custodian of Nigeria’s interbank services had earlier prepared the mind of Nigerians for the development of the system via an announcement explaining the benefits of the NQR payment solution.

The launch conducted on  Monday March 15, 2021 was in a hybrid format (virtual and physical following COVID 19 protocols) brought together stakeholders in the financial services, technology industry, regulators, and policymakers.

The NIBSS NQR code, according to stakeholders would transform the landscape of the Nigerian payment ecosystem and improve areas like micropayments that would have a positive impact on merchants and businesses.

The NQR payment solution implemented on behalf of financial services providers would unify the available closed QR Code schemes in the country.

Aisha Ahmad, NIBSS chairman described the launch as pacesetting for the financial services sector and believed that it would foster innovation.

Ahmad who is also the Deputy Governor, Financial System Stability of the
Central Bank of Nigeria (CBN), said the CBN was committed to providing an enabling environment for the inter-operability of the financial services sector.

Bank CEOs; Dr. Adesola Adeduntan, First Bank, Mr. Herbert Wigwe, Access
Bank, Mr. Ebenezer Onyeagwu, Zenith Bank, Mr. Patrick Akinwuntan, Ecobank Nigeria, Mr. Ademola Adebise, Wema Bank, Mr.  Olaniran Olayinka, Keystone Bank endorsed the NQR solution.

They highlighted the following benefits it would bring to the payment industry:

  1. Viable alternative payment option
  2. Complementary to other existing
    payment platforms and channels
  3. Will Increase velocity of P2B and
    P2P solutions
  4. Robust ecosystem for payments
  5. Convenient and accessible to
    customers and merchants
  6. A faster and secure form of payment
  7. A laudable idea for the financial
    services industry in Nigeria

On his part, the CEO of NIBSS, Mr. Premier Oiwoh said “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”.

He added that “Digital transactions supported through the NQR code
payments will promote and enhance consumer payment experience while driving growth for business owners”.

The Deputy Managing Director of NIBSS, Niyi Ajao said the NQR
payment solution will reduce the cost for merchants, improve business
activities in the country and deepen financial inclusion.

According to Ajao, Nigeria is already making strides at the global level
with its robust payment systems that have been described as globally
competitive and highly innovative.

The NQR payment solution is a flexible payment solution that is
convenient and has an integrated process that leverages the APIs, enhances the scanning to pay mode, fast-track the process for receiving money in real-time, and facilitates sharp and instantaneous payments.

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.