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Nigeria: New NIBSS payment code is Exciting for Consumers

NIBSS launches NQR payment solution - an innovative payment platform implemented on behalf of all financial service providers that excites consumers

Nigeria Inter-Bank Settlement System Plc (NIBSS) recently 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 is designed to be “low cost” for merchants and 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 launch event, the Deputy Governor, Financial Systems Stability Central Bank of Nigeria and Chairman, NIBSS, Mrs. Aishah Ahmad, commended the NIBSS team for this trail blazing achievement.

Mrs. Aishah Ahmad. Image Source: Nairametrics

In her words: “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.”

Mr. Premier Oiwoh, the CEO of NIBSS, 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.”

Nigeria in focus:

Population: 200.9 million (2019)

GDP: $448.12 billion (2019)

GDP Per Capita: $2,229 (2019)