Nigeria Inter-Bank Settlement System Plc (NIBSS) today announced the launch of the NQR payment solution; an innovative payment platform implemented on behalf of all financial service providers. The New Quick Response code solution 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.
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. 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.
Speaking during the event, the Deputy Governor, Financial Systems Stability Central Bank Of Nigeria & Chairman, NIBSS, Mrs. Aishah Ahmad, commended the NIBSS team for this trailblazing achievement. She stated that “the CBN as 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 of 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”.
On his part, the CEO of NIBSS, Mr. Premier Oiwoh, added – “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,” Oiwoh added.
This payment solution made available by Banks and other financial institutions has been hailed by financial experts as the ‘Future of Payments’; 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.
ABOUT NIBSS
Nigeria Inter-Bank Settlement System Plc (NIBSS) was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). It commenced operations in June 1994.
NIBSS has put in place modern world-class infrastructures for handling inter-bank payments in order to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
NIBSS’ operation is supported with the best Information, Communication, and Technology infrastructure for Automated On-line operations as well as effective information and data transmission security practices to deliver world-class payment/settlement services. Operational and Credit Risks in funds transfer across financial institutions are adequately mitigated by NIBSS operations.
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This is a great innovation!
I was reading keenly to see how the financial security challenges could be address using this system, neither did I see where the security implications were stated. Many have been victims of gun-point robberies in the recent years where their ATM cards and Mobile phones were taken and easy money transfers were made. I see this as a good move and a step in the right direction where ease is priority but then, the security implications are as well damning.