The Nigeria Inter-Bank Settlement System (NIBSS) has upgraded its Nigeria Quick Response (NQR) payment system. This is to improve digital transactions for businesses and individuals. The enhancements ensure instant settlements, increased security, and a more user-friendly experience.
NIBSS CEO Premier Oiwoh highlighted the system’s growing capabilities, noting that it now supports both Person-to-Person (P2P) and Entity-to-Person (E2P) payments. He said that the NQR is the only QR payment system globally that guarantees instant beneficiary settlements.
A new pricing structure will take effect on March 1, 2025, as NIBSS continues its push for a cashless Nigeria. Oiwoh envisions widespread adoption, even among street vendors.
Originally launched in 2021, the NQR system enables users to make payments by scanning a QR code linked to their bank or mobile wallet. The latest upgrades improve transaction speed, reconciliation processes, and security measures. Failed transactions will now trigger automatic reversals, reducing delays and minimizing customer complaints.
Lagos State has embraced the NQR system, generating over 750,000 QR codes for payments related to water bills and land duties. Residents can now pay their bills simply by scanning a QR code from their phones, eliminating the need for physical visits to banks.
The upgrades also benefit merchants by offering real-time payment notifications and improved tracking tools. This helps in reducing disputes and also enhances financial transparency. Religious institutions have also begun adopting digital payments, with Oiwoh noting that digital donations encourage higher contributions compared to traditional cash offerings.
