The Nigerian bank, First Bank of Nigeria Limited, based in Lagos, announced on Monday, October 25, its partnership with Nigeria Inter-Bank Settlement System plc (NIBSS) on its Nigeria Quick Response (NQR) payment solution.
The recently launched platform is an innovative payment option implemented for all financial service providers. It is designed to promote fast transactions by scanning the code on their mobile device.
Additionally, the initiative helps lower costs for merchants and banks by providing instant value for person-to-business (P2B) and person-to-person (P2P) transactions by simply scanning to pay. Unlike other QR systems, NQR is implemented at lower cost for the benefit of merchants.
Speaking about the initiative, Dr Adesola Adeduntan (photo), CEO of FirstBank, said: “We are delighted with the adoption of the Nigeria Quick Response (NQR) payment solution, an initiative of Nigeria Interbank Settlement System plc (NIBSS) which has helped facilitate and promote ease of payment with the use of mobile phones ”.
In recent years, First Bank of Nigeria Limited has grown into the first and leading financial inclusion services organization in Africa’s most populous country.