NQR Payment Good for CBN Cashless Policy—Ecobank MD

By Modupe Gbadeyanka

A few days ago, the Nigeria Inter-Bank Settlement System (NIBSS) launched the Nigeria Quick Response (NQR) code payment system with support from financial institutions in the country.

Since its introduction, the NQR code payment solution has continued to be lauded and for the Managing Director of Ecobank Nigeria, Mr Patrick Akinwuntan, the initiative will drive the cashless policy of the Central Bank of Nigeria (CBN).

According to him, the system is very strategic and timely because it will encourage contactless payments, applauding the NIBSS for this as it aligns with global standards.

“The Nigerian digital payment space has been evolving over the years in response to global payment trends and with this comes an increasing demand of alternative means of payment digitally as customers and merchants alike move towards technology-driven solutions.

“The adoption of QR payments across the world is a testimony to QR being the future of digital payments,” Mr Akinwuntan stated.

He noted that Ecobank has been at the forefront of the QR digital payment solution in Nigeria, disclosed that, “Ecobank is delighted to be among the first few banks in Nigeria to bring this solution to its customers.”

“We have recently integrated with the NQR payment solution because we believe this will enhance interoperability with existing QR schemes and promote consistent user experience. I say a big congratulation to NIBSS,” he added.

The NQR code solution offers a robust platform that delivers instant value for Person-to-Business (P2B) and Person-to-Person (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.

At the launch, the Deputy Governor of the CBN in charge of Financial Systems Stability, Mrs Aishah Ahmad, who doubles as the Chairman of the NIBSS, commended the team for the achievement.

“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 apex 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 said.

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.”

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