The Central Bank of Nigeria (CBN) has instructed Deposit Money Banks (DMBs) to begin introducing contactless payment services.
The NQR payment solution, launched yesterday on Monday rs instant value by simply scanning generated digital code to make payment.
The new “touch-free” payment method would aid in the creation of a better customer experience.
Musa Jimoh, CBN Director, Payment System Management, said the NQR payment solution is an alternative payment plan that will reduce direct interaction between merchants and their customers during the launch in Lagos.
Nigerians will benefit from the creative approach, which will help them gain access to quicker, simpler, and more reliable financial services. It allows you to receive and pay for products and services without having to touch them. All you have to do is scan to pay.
According to Jimoh, the payment solution was created to be “low cost” for merchants and would enable shoppers to pay for an item by scanning a QR code developed by the seller.
Each code will contain specific information about the transaction and will connect to a customer’s banking app, which is already installed on their smartphone.
Also, CBN Deputy Governor, Financial Systems Stability, Mrs. Aishah Ahmad, commended the NIBSS team for this trail-blazing achievement.
She noted that the CBN, as the regulator of Nigeria’s banking and payment systems, is committed to developing an enabling regulatory environment that fosters healthy competition, high-quality service, and financial inclusion by ensuring interoperability, proper market behavior, and continued innovation within the financial services ecosystem.
“Against this background, the bank recently released 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.
Premier Oiwoh, Managing Director/CEO of NIBSS, stated that the NQR Payment solution would unlock a plethora of additional benefits that will change the way Nigerians choose to pay because it is dependable, safe, and provides immediate value to business owners.