CBN launches new payment solution, directs banks to begin scan-to-pay system

As the Central Bank of Nigeria (CBN) launched NQR payment solution on Monday, the apex bank has directed Deposit Money Banks (DMBs) to commence the adoption of the contactless payment service option in the country.

With the new initiative, instant value is generated by simply scanning generated digital code to make payment.

The CBN believes that the new ‘touch-free’ payment method would help create and offer better customer experience to the public.

CBN Director, Payment System Management, Musa Jimoh, said at the launch in Lagos that NQR payment solution is an alternative payment plan that will eliminate direct contact between merchants and their customers.

The innovative solution will catalyse to boost financial inclusion while providing access to faster, easier and secure financial services to Nigerians. It provides a “touch-free” option of receiving and making payments for goods and services by simply scanning to pay.

Jimoh said the payment solution was designed to be “low cost” for merchants and would require shoppers to 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.

Also, CBN Deputy Governor, Financial Systems Stability, Mrs. Aishah Ahmad, commended the NIBSS team for the trail-blazing 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 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.

The NIBSS Managing Director/CEO, Premier Oiwoh, said the NQR Payment solution will unlock a wealth of extra benefits that will transform the way Nigerians choose to pay as it is reliable, secure, and offer instant value to business owners.