By Chioma Obinagwam
The partnership among the United Bank for Africa (UBA), Nigeria Inter-Bank Settlement System (NIBSS), other Banks and financial institutions, is set to improve the experience of customers and stakeholders in the digital payment ecosystem.
UBA told Confiance News in a recent statement.
To achieve this, these financial heavy weights convened at the inaugural Annual General Meeting (AGM) of the NQR Industry Committee; also aimed to strengthen the importance of cutting-edge Quick Response (QR) payment solutions.
Confiance News learned that beyond giving the customers and stakeholders a memorable experience, it hopes to boost financial inclusion in Nigeria,
This innovative collaboration is set to provide customers with a seamless, efficient, and secure payment experience, while also driving financial inclusion and deepening the country’s digital payments ecosystem.
The AGM underscored the shared vision of NIBSS, UBA, and all participating banks to leverage NQR in creating a more inclusive, efficient, and innovative payment system in Nigeria.
The landmark event brought together leaders and innovators in the Nigerian banking and payment ecosystem, reaffirming a collective commitment to advancing financial inclusion and digital payment solutions across the country.
In his welcome address, Mr. Shamsideen Fashola, Group Head of Retail and Digital Banking at United Bank for Africa (UBA) emphasized the critical role of innovation, adoption, and collaboration within the banking and payment ecosystem in delivering sustainable value to stakeholders and customers.
He also reaffirmed UBA’s dedication to driving payment innovation.
As the event host, UBA underscored its strong commitment to advancing cutting-edge payment solutions that align with Nigeria’s push toward a digital economy.
According to a statement from the organizers, “This collaboration is set to unlock new opportunities for consumers, businesses, and financial institutions across Nigeria”
It further noted that through its leadership in hosting the AGM, UBA further solidified its position as a champion of transformative financial technologies designed to improve accessibility, security, and convenience for Nigerians
The AGM featured thought-provoking panel discussions on critical areas of the NQR payment platform, including: Expanding Financial Inclusion; Developing strategies to make QR payments accessible to underserved communities; Improving User Experience; Creating frictionless payment journeys for both consumers and merchants; Driving Bespoke Solutions, leveraging NQR APIs to develop tailored solutions for specific market needs as well as encouraging collaboration among stakeholders to accelerate adoption and scalability.
The NIBSS Quick Response (NQR) payment platform is a revolutionary solution designed to transform how Nigerians pay for goods and services. NQR enables consumers to scan QR codes directly from their bank mobile applications for end-to-end transactions.
The platform caters to a broad range of use cases, including: Making payments fast and convenient for shoppers and merchants; Enabling digital payments for taxis, buses, and other transport services; Allowing users to pay utility bills, subscriptions, and more with a simple scan; Providing cost-effective payment options for SMEs to scale their operations.
During the NQR product launch earlier, the NIBSS had highlighted some key benefits of the NQR payment solution.
It emphasized the product’s ability to simplify payment processes through a user-friendly scan-to-pay feature, reduce transaction costs for merchants to boost profitability and ensure secure transactions by eliminating the need for physical cash or cards.
The NQR also provides merchants with instant value for transactions, improving cash flow and operational efficiency, while promoting access to digital payment solutions to advance financial inclusion.
The 2024 NQR AGM brought together key stakeholders, including the Chairman, Vice Chairman, and members of the Committee of e-Business Industry Heads (CeBIH), alongside senior executives, NQR Champions, and product managers from all participating banks. This gathering provided a valuable platform for dialogue and collaboration within the industry.
Notable participants included:
Ajibade Laolu-Adewale, Chairman, Committee of e-Business Industry Heads CeBIH; Abidemi Asumo, Vice Chairman, CeBIH; Olukayode Olubiyi, Head, Digital Banking, UBA; Abednego Ugwueke, Head, Digital Channels, First Bank; Elliot Sangoleye, Head, e-Business and Digital Banking Group, Providus Bank; Olutimi Ibrahim, Head, Digital and e-Commerce, Stanbic IBTC
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