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Boosting Financial Inclusion: NIBSS and Banks Lead the Digital Payment Revolution

By Samiat Dec, 04, 2024 Finance

Boosting Financial Inclusion: NIBSS and Banks Lead the Digital Payment Revolution

In a landmark collaboration to enhance financial inclusion and transform Nigeria’s payment landscape, the Nigeria Inter-Bank Settlement System (NIBSS), alongside United Bank for Africa (UBA) and other financial institutions, has launched the NQR Industry Committee. The first Annual General Meeting of this committee marked a major milestone in the journey toward a more inclusive, digital-first economy.

Key Takeaways from the Initiative:

1️⃣ Simplifying Payments with NQR:
The NIBSS Quick Response (NQR) platform introduces an innovative way to make payments. Customers can now scan QR codes via their banking apps to pay for retail items, transportation, utility bills, and more—ensuring convenience and ease.

2️⃣ Empowering Underserved Communities:
This solution particularly benefits underserved areas, bringing digital payments to more Nigerians and lowering transaction costs for merchants.

3️⃣ Merchant-Friendly Features:
Merchants enjoy instant value for transactions, improving cash flow and boosting operational efficiency. This development is expected to be a game-changer for SMEs, offering secure, scalable, and cost-effective digital solutions.

4️⃣ Driving Innovation and Collaboration:
UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, reiterated the importance of working together to meet Nigeria’s growing digital needs. He emphasized UBA’s commitment to pioneering technologies for a sustainable, digital-first economy.

Why This Matters:

As Nigeria pushes for financial inclusion, the NQR platform is poised to:
• Expand access to secure and affordable payment solutions.
• Enhance financial literacy in rural areas.
• Strengthen Nigeria’s standing in the global digital economy.

This initiative is a step closer to bridging the gap in Nigeria’s payment ecosystem and making financial inclusion a reality for millions.

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