In a move to enhance financial inclusion and revolutionise the digital payment landscape in Nigeria, the United Bank for Africa, on behalf of the Nigeria Inter-Bank Settlement System, alongside several other banks and financial institutions, has successfully hosted the inaugural Annual General Meeting of the NQR Industry Committee.

In a statement, the lender said the collaboration aimed to provide a seamless, secure, and efficient payment solution for Nigerians, reinforcing the nation’s push towards a more inclusive and digital economy.

According to the statement, the NQR (Quick Response) payment solution, a cutting-edge innovation, is designed to simplify the payment process for consumers and businesses alike, offering a secure and user-friendly experience.

“Additionally, it allows consumers to make transactions by scanning QR codes directly from their bank mobile applications, catering to a wide array of use cases such as retail payments, transportation, utility bills, and small business operations. This move is set to expand access to digital payments, especially for underserved communities, while ensuring convenience and reducing transaction costs for merchants,” it added.

The Group Head of Retail and Digital Banking at UBA, Shamsideen Fashola, emphasised the importance of collaboration and innovation in driving payment solutions that meet the evolving needs of Nigerian consumers, noting that UBA’s commitment to advancing cutting-edge payment technologies will enable Nigerians to embrace a digital-first economy.

The bank added that besides improving accessibility, the NQR payment solution also offered merchants instant value for transactions, enhancing cash flow and operational efficiency.

It stated that it is particularly beneficial for small and medium-sized enterprises, which now have access to affordable, secure, and scalable digital payment solutions.

It noted that as part of the broader agenda to promote financial inclusion, the NIBSS Quick Response payment platform is expected to play a role in Nigeria’s evolving digital payments ecosystem.