By Modupe Gbadeyanka
Consumers, business owners and financial services providers are in a joyous mood and the reason is because of the launch of an innovative payment platform on Monday.
The initiative called the New Quick Response (NQR) code payment solution was designed by the Nigeria Inter-Bank Settlement System Plc (NIBSS) on behalf of all financial service providers.
The NQR code was launched by the Deputy Governor of the Central Bank Of Nigeria (CBN) in charge of Financial Systems Stability, Mrs Aishah Ahmad.
CBN commends initiative
The central banker, who doubles as the Chairman of NIBSS, commended the agency for the achievement, noting that “the CBN as the 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 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.
The NIBSS said the payment scheme 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.
According to the agency, 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.
It explained that 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.
NIBSS CEO speaks
According to the CEO of NIBSS, Mr Premier Oiwoh, “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 said, “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 because 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.
