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NIBSS to launch NQR payment solution for Nigeria

The Nigeria Inter-Bank Settlement System Plc (NIBSS), in partnership with all financial service providers, 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.

According to NIBSS, this innovative solution will serve as a catalyst to boost financial inclusion in Nigeria 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,” NIBSS explained.

The NQR Solution, NIBSS said, would be launched on the 15th of March in a grand virtual event, and consequently rolled out nationwide. This innovation is expected to unlock a wealth of extra benefits that will transform the way Nigerians choose to pay as it is reliable, secure, and offers 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.”

The NIBSS, which was incorporated in 1993 and is owned by all licensed banks including the Central Bank of Nigeria (CBN). The company said it 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.


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