Monday, March 22, 2021 / 11:00AM / by Ecobank Nigeria /Header Image Credit: LSE

Managing Director, EcobankNigeria, Patrick Akinwuntan has said the introduction of the Nigeria QuickResponse (NQR) code payment solution by the Nigeria Inter-Bank SettlementSystem (NIBSS) is strategic and timely as it will encourage contactlesspayments while also aligning to the Central Bank of Nigeria (CBN)'s goal todrive a cashless economy. Akinwuntan, while congratulating NIBSS said thatNigerian digital payment is aligning with global standards as consumers,business owners and financial services providers will benefit from theinnovative payment platform.

 
NIBSS had announced the launch of the NQR payment solution, which is aninnovative payment platform implemented on behalf of all financial serviceproviders. The NQR code solution offers a robust platform that delivers instantvalue for Person to Business (P2B) and Person to Person ( P2P) transactions bysimply scanning to pay. It is a solution that will unify the available closedQR Code schemes in the country for consistent user experience and accelerateddigital adoption.

According to him, "The Nigerian digital payment space has been evolving overthe years in response to global payment trends and with this comes anincreasing demand of alternative means of payment digitally as customers andmerchants alike move towards technology driven solutions. The adoption of QRpayments across the world is a testimony to QR being the future of digitalpayments."

 
He noted that Ecobank has been on the forefront of the QR digital paymentsolution in Nigeria. ". Ecobank is delighted to be among the first few banks inNigeria to bring this solution to its customers. We have recently integratedwith the NQR payment solution because we believe this will enhanceinteroperability with existing QR schemes and promote consistent userexperience. I say a big congratulation to NIBSS."

Nigeria's financial services industry witnessed a significant shift with theformal launching of the NQR payment solution by NIBSS last week. The eventconducted in a hybrid format (virtual and physical following COVID 19protocols) brought together stakeholders in the financial services, technologyindustry, regulators, and policymakers.

 
At the launch, Deputy Governor, Financial Systems Stability CBN / Chairman,NIBSS, Mrs. Aishah Ahmad, commended the NIBSS team for this trailblazingachievement. She stated that "the CBN as regulator of the banking and paymentsystem in Nigeria is committed to providing an enabling regulatory environmentthat ensures interoperability, proper market conduct and continued innovationwithin the financial services ecosystem to foster healthy competition,high-quality service and financial inclusion. Against this background, the apexbank recently released of the Regulatory Framework for Sandbox Operations inNigeria and the Guidelines on Open Banking with the objective of opening up theterrain for more transformative ideas and encouraging start-up companies togrow and contribute to the overall economic development in Nigeria".

On his part, the ChiefExecutive of NIBSS, Mr. Premier Oiwoh, said "with more people being able to payfor goods and services with just their smartphones, the 'NQR Payment is aboutre-creating the Nigerian payment experience whilst deepening financialinclusion in the country", "Digital transactions supported through the NQR codepayments will promote and enhance consumer payment experience while drivinggrowth for business owners."

The NIBSS NQR code,according to stakeholders would transform the landscape of the Nigerian paymentecosystem and improve areas like micropayments that would have a positiveimpact on merchants and businesses. The NQR payment solution implemented onbehalf of financial services providers would unify the available closed OQ Code schemed in thecountry.

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