The United Bank for Africa (UBA) acting on behalf of Nigeria Inter-Bank Settlement System (NIBSS), other Banks and financial institutions, have concluded the hosting of the inaugural Annual General Meeting (AGM) of the NQR Industry Committee reinforcing the importance of cutting-edge Quick Response (QR) payment solution.
The exercise aims at enhancing financial inclusion and the digital payment landscape 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 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.