The Nigeria Inter-Bank Settlement System Plc (NIBSS), in partnership with all financial service providers in the country, is set to launch a QR Code driven payment solution.
NQR Payment Solution is an indigenous Quick Response code platform being introduced by NIBSS on behalf of all financial service providers. This innovative solution will catalyze 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.
The NQR Solution will be launched on the 15th of March in a grand virtual event, and consequently rolled out nationwide. This innovation 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.
According to the CEO of NIBSS, Mr. Premier Oiwoh, “the NQR Payment solution is about re-creating the Nigerian payment experience for businesses who are seeking new digital innovations to improve efficiency while providing a fast, easy and secure payment option, thus, we’ve created the NQR Payment solution, a new ‘touch-free’ payment method to help create and offer better customer experience.”
NIBSS 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 a modern infrastructure for handling inter-bank payments to remove potential bottlenecks associated with inter-bank funds transfer and settlement.
Its operation is supported by the best Information, Communication, and Technology (ICT) infrastructure for automated online operations as well as effective information and data transmission security practices to deliver best-in-class payment/settlement services. Operational and credit risks in funds transfers across financial institutions are mitigated by the NIBSS transfer and settlement platform.