Nigeria Inter-Bank Settlement System Plc (NIBSS) has announced the launch of the New Quick Response (NQR) code payment solution, an innovative payment platform for financial service providers, aimed at creating seamless and contactless transactions in local markets.
The NQR has an integrated process that leverages the APIs, enhances the scanning to pay mode, fast-tracks the process for receiving money in real-time, and facilitates instantaneous payments.
Designed to be “low cost” for merchants, it allows shoppers scan a QR code generated by a seller. Each code will have unique details relating to the transaction and would link with a customer’s Banking App, already enabled on their smartphone.
Aishah Ahmad, Chairman of the Nigeria Inter-Bank Settlement System Plc and Deputy Governor, Financial Systems Stability, Central Bank of Nigeria, commended the NIBSS team for this trailblazing achievement.
She said that “the CBN as a 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.”
Amidst the current realities of social distancing, remote work, and hike in the food delivery sector, this new payment solution offers a robust platform that delivers instant value for P2B and P2P transactions. It is a solution that will unify the available closed QR Code schemes in the country for consistent user experience and accelerated digital adoption.
“NQR Payment is about re-creating the Nigerian payment experience whilst deepening financial inclusion in the country,” said the CEO of NIBSS, Mr. Premier Oiwoh.
In June 2020, the Central Bank of Nigeria enforced its cashless policy, an initiative introduced to reduce the amount of physical cash in circulation thereby encouraging the use of electronic platforms for settlement or payment for goods and services.
As consumers and merchants move towards technology-driven solutions, QR Codes are increasingly important.