The Central Bank of Nigeria (CBN) has asked deposit money banks to create scan-to-pay options for customers.
The Nigeria Inter-Bank Settlement System Plc (NIBSS) unveiled the NQR payment solution in Lagos on Monday.
The NQR solution offers a platform that delivers instant value for people to business (P2B) and person to person (P2P) transactions by scanning to pay.
Speaking at the event, Musa Jimoh, director of CBN payment system management, said the payment solution will eliminate direct contact between merchants and their customers.
He said the payment solution was designed to be “low cost” for merchants, adding that it will unify the available closed QR code schemes in the country.
According to him, 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.
In her remarks, Aishah Ahmad, CBN deputy governor of financial systems stability, commended the NIBSS team for the 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,” she said.
On his part, Premier Oiwoh, CEO of NIBSS, said the NQR code payment system will promote and enhance consumer payment experience while driving growth for business owners.
He added that “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”.