First Bank Partners NIBSS to Promote Digital Payment Convenience

Image

By Sodeinde Temidayo David

Nigeria’s top first-generation financial institution, First Bank of Nigeria Limited, has announced its partnership with the Nigeria Inter-Bank Settlement System (NIBSS) on its recently launched Nigeria Quick Response (NQR) Payment Solution, in a bid to improve customer digital payment experience.

This was revealed by the Chief Executive Officer (CEO) of First Bank, Mr Adesola Adeduntan, who noted that the NQR is an innovative payment option implemented for all financial service providers.

“We are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative by Nigeria Interbank Settlement System plc (NIBSS) which has been instrumental to easing and promoting payment convenience with the use of mobile phones,” the CEO expressed.

As stated by Mr Adeduntan, the NQR is designed to promote quick and fast transactions by scanning the code on one’s mobile device.

He noted that the NQR is set to promote the vision of the bank, embracing technology to deliver quality and satisfactory services.

“At First Bank, we recognise the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards whilst being committed to staying true to our mantra in always putting You, our customers First,” he stated.

This new initiative reduces costs for merchants and banks in delivering instant value for a person to business (P2B) and person to person (P2P) transactions by simply scanning to pay.

Unlike other QR schemes, the NQR is implemented with reduced charges that are cheaper for merchants.

The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App and it is also available for the merchant in facilitating their business activities.

The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacies, ride-hailing or taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online businesses amongst many others.

To access the service, customers are expected to launch the FirstMobile App and select QR payment. Afterwards, NIBSS can be chosen as a payment provider, then the seller’s NQR barcode can be scanned.

The amount is inputted for the transaction would be followed by a request for personal identification number (PIN) validation to generate an instant confirmation of the transaction successfully.

On the other hand, merchants are to visit any First Bank branch closest to them for service enrollment.

Share
Related Stories
Image
15-March-2024

Stanbic IBTC Bank Reward4Saving 3.0 Quarterly Draw Produces More Millionaires

By Modupe Gbadeyanka More millionaires have emerged in the Stanbic IBTC Bank’s Reward4Saving 3.0 promo quarterly draw recently, bringing the total number of customers who have won in the campaign to over 1,500 since its inception in 2021. At the last draw, seven lucky customers of the bank won the grand prize of N1 million each, while an additional 70 customers won N100,000 each. Since the commencement of the promo, currently in its third season, six draws have been conducted, resulting in 434 customers emerging as winners, receiving cash prizes ranging from N100,000 to N1 million for maintaining consistent savings

Image
28-February-2024

GTBank to Close Lagos Branches Early Today

By Dipo Olowookere One of the leading financial institutions in Nigeria, Guaranty Trust Bank (GTBank), has informed its customers of an early closure of its branches in Lagos on Wednesday, February 28, 2024. In a notice sent via e-mail to its customers, the tier-1 lender explained that this is due to the closure of the Third Mainland Bridge (TMB) for 24 hours by the federal government. The federal government is closing the bridge to motorists for repairs from 12 noon on Wednesday, February 28 to 12 noon on Thursday, February 29, 2024. The closure will affect both bounds of the

Image
12-March-2024

Abbey Mortgage Bank Relishes Transformative Journey, Impact of 32 Years

Abbey Mortgage Bank, a leading institution in the mortgage industry, is celebrating its 32nd anniversary this year. Over the past three decades, Abbey Mortgage Bank has evolved into a beacon of excellence, driving positive change and making a lasting impact on individuals and communities alike. Since its establishment in 1992, Abbey Mortgage Bank has undergone remarkable transformations, emerging as a pioneer in the mortgage sector. Beyond providing traditional mortgage services, the bank has expanded into retail banking, broadening its scope to better serve its customers’ needs. “Through dedication and innovation, our workforce has been the driving force behind Abbey Mortgage

More Stories
Image
15-January-2021

FrieslandCampina Lifts Unlisted Securities Market by 0.07%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange wrapped the session on Thursday, January 14 in the positive territory as the unlisted securities market rose by 0.07 per cent. During the session, the market capitalisation increased by N350 million to close at N532.02 billion in contrast to N531.67 billion it finished on Wednesday. Equally, the NASD Unlisted Security Index (NSI) rose by 0.07 per cent or 0.49 points to end the day at 741.47 points as against 740.98 points it recorded at the previous session. The bullish outcome came as FrieslandCampina WAMCO Nigeria Plc lifted the market spirits. The

Image
16-October-2020

FG Plans Policy Framework to Facilitate Economic Growth

By Modupe Gbadeyanka The federal government has expressed its intention to put in place a policy framework aimed to address some issues underpinning the nation’s economic growth and development. The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, who made this known on Thursday, said to achieve this, the government will welcome inputs from various stakeholders, including from the government, the private sector, the academia and others. While addressing newsmen in Abuja ahead of the 26th Nigerian Economic Summit (NES#26) slated for this month, she said the central government will want to carry the state governments along in

Image
27-May-2021

How to Start Forex Trading in Nigeria

Forex trading is no longer a term used exclusively by banks where it was used by them to make money for themselves. Forex trading is now a viable option for every individual who wants to earn money from it. The internet has brought in a new wave of investors in this type of trading. Individuals can now trade with as little as $100 that too right from the comfort of their bedroom. A physical location is no longer a barrier. This becomes all the more vital during the pandemic wherein people have lost their jobs and are now looking for

Image
09-September-2019

CBN Cancels Interest Rate Limits for Mortgage Finance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has announced the cancellation of interest rate cap for mortgage finance and lending fees for mortgage financing in the country. In a circular addressed to all Other Financial Institutions (OFIs) and Mortgage Sector Stockholders in Nigeria, it was revealed that the change was due to some implementation challenges regarding the mortgage finance section of the Guide to Charges by Banks and Other Financial Institutions in Nigeria issued in 2017. The circular, signed by the apex bank’s Director of Financial Policy and Regulation Department, Mr Kevin Amugo, read: “Our attention has been

Image
25-January-2017

South Africa’s Market Offering Excites UK Investors

By Modupe Gbadeyanka Key role players in the Business Process Services (BPS) in the United Kingdom who are based in South Africa have agreed to set-up a technical working-group with the Department of Trade and Industry (DTI) to enhance South Africa’s value proposition. The decision was taken in a meeting that the Minister of Trade and Industry, Dr Rob Davies hosted with BPS investors in London. Mr Davies is on a two-day visit in the United Kingdom (UK) to engage the government on Brexit transaction and to showcase opportunities for investment in some of South Africa’s priority sectors. A number

Image
19-April-2023

Investors Oversubscribe NDEP N10bn 5-Year Bonds by 3.18%

By Dipo Olowookere The N10 billion Series 1 fixed rate senior unsecured bonds of the Niger Delta Exploration and Production (NDEP) Plc have been oversubscribed by investors by 3.18 per cent, Business Post has learned. It was gathered that investor participation in the exercise cut across qualified institutional investors, corporates, and high net-worth individuals, with an allocation of 98.7 per cent to pension fund managers. NDEP Plc offered for sale N10.00 billion worth of corporate bonds to investors under its N20 billion debt issuance programme approved by the Securities and Exchange Commission (SEC). The tenor of the debt instrument sold

Image
01-January-2017

Ambode Vows Not to Disappoint Lagosians in 2017

By Dipo Olowookere Lagos State Governor, Mr Akinwunmi Ambode, on Sunday morning expressed optimism that the New Year will present limitless opportunities and true happiness for all residents. Governor Ambode, who addressed a mammoth crowd at the grand finale of the 2016 One Lagos Fiesta held at the Bar Beach front in Victoria Island to usher in the New Year, restated his commitment to roll out programmes and policies that will further showcase the progress the State has made so far. “Our vision remains the same: to create a smart mega city where business and creative opportunity abound; where physical

Image
11-November-2021

One-year Treasury Bill Rate in Nigeria Down to 6.50%

By Dipo Olowookere The stop rate of a one-year treasury bill in Nigeria is now 6.50 per cent compared with the previous rate of 6.99 per cent, which was two weeks ago. On Wednesday, the Central Bank of Nigeria (CBN) auctioned some treasury bills at the primary market and because of the strong appetite for the maturity, the stop rate was sliced by 0.49 per cent. Business Post had observed that subscribers bid for the tenor between 5.98 per cent and 10.00 per cent, with a huge amount staked on it. Details of the exercise yesterday showed that N566.2 billion

Ad
Ad
Recent Stories
Image
19-March-2024

How Putin Won March 2024 Presidential Election

By Kestér Kenn Klomegâh After three days (March 15 to 17) of voting, Vladimir Putin is leading the Russian presidential election with 87.34% after 98% of ballots were counted, according to data from the Russian Central Elections Commission. Undoubtedly it gives Putin, who has been in power since the last days of 1999, another six-year term (2024-2030) to lead Russia, and to pursue with much vigour its foreign policy ambitions in the international system and push forward the much-trumpeted multipolar configuration with a focus on Global South. Putin’s assertive control over the political landscape has been solidified due to the

Image
19-March-2024

Moove Raises $100m in Fresh Race to Conquer New Markets

By Adedapo Adesanya Exactly a year after raising $105 million in an oversubscribed Series A2 round, African mobility company, Moove, has raised $100 million in a Series B funding round as it plots expansion into new markets. According to reports, the funding round was led by mobility giant, Uber and saw injection from others such as sovereign wealth fund Mubadala, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa. This now pushes Moove’s post-money valuation to $750 million. The company is helping to solve the continent’s acute problem of limited access to vehicle financing for millions of

Image
19-March-2024

Oil Stocks Trigger 1.77% Gain at NASD OTC Exchange

By Adedapo Adesanya Oil stocks, Aradel Holdings and Acorn Petroleum, led the NASD Over-the-Counter (OTC) Securities Exchange to a 1.77 per cent appreciation on Monday, March 18. They increased the value of the alternative bourse by N24.85 billion during the trading session to N1.428 trillion from the N1.403 trillion it closed in the preceding, and the NASD Unlisted Security Index (NSI) rose by 18.33 points to wrap the session at 1,053.98 points compared with 1,035.65 points recorded at the previous session. Aradel Holdings Plc, after recent profit taking, appreciated by N114.28 yesterday to settle at N1,734.28 per unit compared with last

Image
19-March-2024

Naira Trades N1,597/$1 at Official Market, N1,600/$1 at Black Market

By Adedapo Adesanya The Naira appreciated against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) segment of the currency market on Monday by 0.3 per cent or N5.41 to close at N1,597.34/$1 compared with last Friday’s value of N1,602.75/$1. It also improved its value against the Pound Sterling in the official market yesterday by N50.97 to wrap the session at N2,003/£1 compared with the preceding session’s N2,054.06/£1 and gained N41.89 against the Euro to close at N1,712.69/€1 versus N1,754.58/€1. It was observed that the supply of forex, according to data from the FMDQ Securities Exchange, slightly waned

Image
19-March-2024

Brent Jumps to $86 Per Barrel on Low Crude Exports, Stronger Demand

By Adedapo Adesanya  The price of the international crude benchmark, Brent Crude, rose by 88 cents or 1.0 per cent to $86.22 per barrel on Monday, triggered by lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the US. Also, the US West Texas Intermediate (WTI) crude appreciated by $1.01 or 1.3 per cent to $82.05 per barrel, as Iraq, the second-largest producer in the Organisation of the Petroleum Exporting Countries (OPEC), said it would reduce crude exports to 3.3 million barrels a day in the coming months to compensate

Image
18-March-2024

Cardoso Begins CBN Clean-up, Removes Directors Close to Emefiele

By Aduragbemi Omiyale There are strong indications that some directors at the Central Bank of Nigeria (CBN) may have to lose their jobs in the in-house clean-up exercise by the Governor, Mr Yemi Cardoso. Reports suggest that Mr Cardoso wants to let go of some directors who worked closely with Mr Godwin Emefiele, who President Bola Tinubu believes worked to stop him from going to Aso Rock. Recall that during his electioneering campaign, Mr Tinubu accused the former CBN chief and some persons of introducing the botched Naira redesign policy to frustrate him. Immediately after he assumed office on May

Image
18-March-2024

Profit-Taking Depletes Nigerian Exchange by 0.40%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited succumbed to profit-taking on Monday, shedding 0.40 per cent despite a bullish investor sentiment. The local bourse ended with 27 price gainers and 18 price losers today, implying a positive market breadth index. The selling pressure was just investors booking profit after gains in the past few trading sessions, especially in MTN Nigeria, GTCO, Zenith Bank and others. The heaviest price depreciation was recorded by McNichols, 9.30 per cent, closing at N1.17, and was trailed by DAAR Communications, which shed 8.97 per cent to 71 Kobo. UPDC declined by 7.89 per cent

Image
18-March-2024

NCC Announces 90% Restoration of Voice, Data Services After Cable Cuts

By Adedapo Adesanya The Nigerian Communication Commission (NCC) has announced that voice and data services affected by undersea cable cuts last week have been 90 per cent restored. In a series of tweets signed by Mr Reuben Muoka, the Director of Public Affairs at the commission on Monday, March 18, the NCC said, “Following the disruption on March 14, 2024, which affected data and voice services due to cuts in undersea fibre optics along the coasts of Cote d’Ivoire and Senegal, we are pleased to announce that services have now been restored to approximately 90% of their peak utilization capacities.”

Image
18-March-2024

Unity Bank, SkillPaddy to Train Female Software Engineers

By Modupe Gbadeyanka At least 1,000 female software engineers will undergo a training programme organised by SkillPaddy through its Count Her In tech programme with support from Unity Bank Plc. The IT skill development and empowerment initiative is intended to bridge talent supply gaps while providing individuals with the opportunity to meet their training goals and launch careers in the tech industry. It was disclosed that about 40 young girls will receive full sponsorship from Unity Bank in the special training initiative which was conceived as part of activities to commemorate this year’s International Women’s Day 2024. All beneficiaries of

Image
18-March-2024

Your Moods Soundtracked With Spotify’s New Daylist Feature

Throughout the day, your mood changes, and so does the music you listen to. Last night might have been an island vibes riddim Monday night, while this moment is more of a nostalgic 2010s Tuesday afternoon. The point is, that you’re ever-changing, and your playlists should be too. Say hello to daylist, your day in a playlist. This new, one-of-a-kind playlist on Spotify ebbs and flows with unique vibes, bringing together the niche music you typically listen to during particular moments in the day or on specific days of the week. It updates frequently between sunrise and sunset with a