CBN upgrades use of QR code for contactless payment in Nigeria that now including consumer

CBN upgrades use of QR code for contactless payment in Nigeria that now including consumer

  • The Central Bank of Nigeria drive to reduce the amount of physical cash in the economy has scored a new win
  • On Monday, CBN announced that the use of QR codes for contactless payments in Nigeria has been updated and now includes consumers and merchant
  • Financial tech companies will now have to build services to make the new update available to the customers

The Central Bank of Nigeria has announced a significant adjustment to the Quick Response (QR) Code Framework, allowing the usage of QR codes for payments in Nigeria to be either merchant-presented or consumer-presented.

This was disclosed in a circular released by the Central Bank of Nigeria (CBN) signed by Musa l. Jimoh, Director, Payments System Management Department.

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).

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CBN use of QR code for payment
CBN Godwin Emefiele has always expressed strong commitment to a cashless policy drive Credit: Tom
Source: Getty Images

The CBN stated that the QR code framework was introduced to promote the deployment of an innovative product.

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The statement reads:

“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 added, “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.”

The CBN also stated that it would continue to monitor industry developments and issue further guidance as may be appropriate.

Ecobank leads as 10 commercial banks spend over N400bn on staff salaries

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Meanwhile, had earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made

The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.

The amount captured in the report only covers salaries and wages and does not include other staff costs or pension contribution that makes up personnel cost.


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