CBN's NIBSS Officially Launches Payment Solution And NQR To The Financial Sector

 

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 at some stage in the event, the Deputy Governor, Financial Systems Stability Central Bank Of Nigeria & Chairman, NIBSS, Mrs. Aishah Ahmad, commended the NIBSS crew for this trail blazing achievement. She said that "the CBN as regulator of the banking and fee gadget in Nigeria is dedicated to imparting an allowing regulatory surroundings that guarantees interoperability, right market behavior and persevered innovation inside the financial services environment to foster healthy opposition, high first-rate provider and economic inclusion. Against this background, the Bank these days released of the Regulatory Framework for Sandbox Operations in Nigeria and the Guidelines on Open Banking with the objective of starting up the terrain for more transformative thoughts and encouraging start-up agencies to develop and contribute to the general economic development in Nigeria”.

On his element, the CEO of NIBSS, Mr. Premier Oiwoh, delivered – “with extra human beings being able to pay for goods and services with just their smartphones, the ‘NQR Payment is about re-growing the Nigerian fee revel in even as deepening economic inclusion inside the us of a”, “Digital transactions supported through the NQR code payments will sell and beautify client charge experience even as driving boom for enterprise owners,” Oiwoh added.
This fee answer made to be had through Banks and other financial institutions has been hailed by means of monetary professionals because the ‘Future of Payments’; it's going to unlock a wealth of more benefits on the way to transform the manner Nigerians choose to pay for goods and offerings in any respect tiers.
As customers and merchants alike flow toward era-driven answers, QR Codes are growing more and more essential. Nigeria demonstrates yet again that it has a ahead-searching monetary offerings industry, as it drives toward a actually cashless and contactless society with NQR.

ABOUT NIBSS

Nigeria Inter-Bank Settlement System Plc (NIBSS) became incorporated in 1993 and is owned with the aid of all certified banks consisting of the Central Bank of Nigeria (CBN). It started out operations in June 1994.
NIBSS has put in place current world-magnificence infrastructures for managing inter-bank bills to be able to eliminate capability bottlenecks related to inter-bank funds switch and settlement.
NIBSS’ operation is supported with the high-quality Information, Communication, and Technology infrastructure for Automated On-line operations in addition to effective information and information transmission security practices to deliver international-magnificence charge/settlement offerings. Operational and Credit Risks in budget transfer throughout monetary institutions are adequately mitigated by using NIBSS operations.