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.
Business Hilights recalls that NIBSS Plc 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.
Commenting at the launch, The Chairman of NIBSS PLC stated in her remarks during the virtual launch …. (we will fill this in once we see her speech)
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.
