Nigerian Banks Collaborate to Drive NIBSS Quick Response Adoption

Nume Ekeghe

Leading Nigerian banks, spearheaded by the United Bank for Africa (UBA), hosted the inaugural annual general meeting (AGM) of Committee of e-Business Industry Heads (CeBIH) in a bid to enhance financial inclusion in Nigeria.

The meeting brought together senior executives from major banks, including UBA, First Bank, Stanbic IBTC, and Providus Bank. Key  figures such as Chairman of CeBIH, Ajibade Laolu-Adewale, and digital banking leaders from participating banks convened to chart a roadmap for advancing the platform’s adoption.

A member of the committee speaking to THISDAY noted that the meeting marked a major milestone in the collective effort to accelerate the adoption of the NQR NIBSS Quick Response(NQR) payment platform, a key innovation driving seamless and secure digital payments across the country.

 The NQR platform enables consumers to make payments by scanning QR codes through their banking applications, streamlining transactions across diverse sectors, including retail, transportation, and small businesses. 

This cost-effective solution is poised to expand financial inclusion, particularly in underserved areas.

UBA’s Group Head of Retail and Digital Banking, Shamsideen Fashola, delivered a keynote address emphasising the role of partnerships in driving innovation. He noted the critical role of innovation, adoption, and collaboration within the banking and payment ecosystem in delivering sustainable value to stakeholders and customers.

He also reaffirmed UBA’s dedication to driving payment innovation. As the event host, UBA underscored its strong commitment to advancing cutting-edge payment solutions that align with Nigeria’s push toward a digital economy. Through its leadership in hosting the AGM, UBA further solidified its position as a champion of transformative financial technologies designed to improve accessibility, security, and convenience for Nigerians.

The AGM focused on strategies to enhance user experience, develop tailored solutions for businesses, and promote the NQR platform’s scalability. Discussions centred on leveraging the platform’s potential to reduce transaction costs while fostering a cashless economy.

 The collaborative effort by banks highlights their shared vision to modernise Nigeria’s payment infrastructure. By scaling NQR adoption, the financial sector aims to unlock new opportunities for businesses and consumers, reinforcing its commitment to economic inclusion and technological innovation.