Olufemi Adeyemi 

In a pivotal initiative to boost financial inclusion and enhance the digital payment framework in Nigeria, the United Bank for Africa (UBA), representing the Nigeria Inter-Bank Settlement System (NIBSS) along with other banks and financial institutions, successfully conducted the first Annual General Meeting (AGM) of the NQR Industry Committee. This event highlighted the significance of advanced Quick Response (QR) payment solutions.

This collaborative effort aims to offer customers a smooth, efficient, and secure payment experience, while simultaneously promoting financial inclusion and strengthening the nation’s digital payments landscape.

The AGM emphasized the collective vision shared by NIBSS, UBA, and all participating banks to utilize NQR in developing a more inclusive, efficient, and innovative payment system in Nigeria.

The landmark gathering convened leaders and innovators from the Nigerian banking and payment sectors, reinforcing a united commitment to enhancing financial inclusion and digital payment solutions throughout the country.

During his welcome address, Mr. Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, highlighted the essential role of innovation, adoption, and collaboration within the banking and payment ecosystem to deliver lasting value to stakeholders and customers.

He also reiterated UBA’s commitment to fostering payment innovation.

UBA, as the event host, emphasized its dedication to promoting innovative payment solutions that support Nigeria's transition to a digital economy.

The organizers stated that this partnership aims to create new opportunities for consumers, businesses, and financial institutions throughout Nigeria.

Additionally, by leading the AGM, UBA reinforced its role as a proponent of transformative financial technologies that enhance accessibility, security, and convenience for the Nigerian populace.

The AGM included insightful panel discussions focusing on essential aspects of the NQR payment platform, such as: Expanding Financial Inclusion; Developing strategies to ensure QR payments reach underserved communities; Enhancing User Experience; Creating seamless payment processes for both consumers and merchants; Driving Customized Solutions by utilizing NQR APIs to craft specific solutions for market demands, and fostering collaboration among stakeholders to boost adoption and scalability.

The NIBSS Quick Response (NQR) payment platform represents a groundbreaking solution aimed at revolutionizing payment methods for goods and services in Nigeria. NQR allows consumers to scan QR codes directly from their banking mobile applications for complete transactions.

This platform supports a wide array of applications, including: Facilitating quick and convenient payments for shoppers and merchants; Enabling digital payments for taxis, buses, and other transportation services; Allowing users to pay utility bills, subscriptions, and more with a simple scan; Offering affordable payment solutions for SMEs to enhance their operations.

During the earlier NQR product launch, NIBSS highlighted several key advantages of the NQR payment solution.

Some key attendees were Ajibade Laolu-Adewale, the Chairman of the Committee of e-Business Industry Heads (CeBIH); Abidemi Asumo, the Vice Chairman of CeBIH; Olukayode Olubiyi, who leads Digital Banking at UBA; Abednego Ugwueke, the Head of Digital Channels at First Bank; Elliot Sangoleye, who heads the e-Business and Digital Banking Group at Providus Bank; and Olutimi Ibrahim, the Head of Digital and e-Commerce at Stanbic IBTC.