Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) has said merchants and consumers can now use Quick Response (QR) Codes for payment.
CBN has announced a significant adjustment to the QR) Code Framework, allowing the usage of QR codes for payments in Nigeria to be either merchant-presented or consumer-presented.
According to Nairametrics, the information is contained in a recent circular signed by the CBN’s Director, Payments System Management Department, Musa Jimoh.
Confiance News recalls that prior to this change, the implementation of QR Code for payments in Nigeria was only based on the Merchant-presented mode (where merchants present the QR Code for buyers to accept in order to conclude payment transactions).
The CBN stated that the QR code framework was introduced to promote the deployment of an innovative product.
“The Central Bank of Nigeria, in furtherance of its efforts to promote the deployment of innovative products in the Nigerian payments system issued the Framework for Quick Response (QR) Code payments in Nigeria in January 2021,” the CBN said.
“Following consultation with various stakeholders on ways to enhance the flexibility offered by the use of QR codes in payments, the CBN hereby reviews section 3.4 of the Framework and henceforth directs that implementation of QR code for payments in Nigeria shall be based on either merchant-presented or consumer-presented modes,” it continued.
The CBN stated that it would continue to monitor industry developments and issue further guidance as may be.
