The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to begin implementing contactless payment services.
The NQR payment solution, which was launched on Monday, provides instant value by simply scanning a digital code created during the payment process.
The new “touch-free” payment method would aid in the creation of a better customer experience.
Speaking during the launch in Lagos, CBN Director, Payment System Management, Musa Jimoh, said the NQR payment solution is an alternative payment plan that will eliminate direct contact between merchants and their customers.
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 goods 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.
Mrs. Aishah Ahmad, CBN Deputy Governor for Financial Systems Stability, praised the NIBSS team for their groundbreaking achievement.
She noted that the CBN, as Nigeria’s banking and payment system regulator, is dedicated to creating an enabling regulatory environment that promotes interoperability, proper market behavior, and continued innovation in the financial services ecosystemsaid.
“In light of this, the bank recently released the Regulatory Framework for Sandbox Operations in Nigeria and the Guidelines on Open Banking with the aim of fostering more transformative ideas and enabling start-up companies to expand and contribute to Nigeria’s overall economic development,” she s
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