The Nigeria Inter-Bank Settlement System has introduced major enhancements to its Nigeria Quick Response payment system, aimed at improving digital transactions for businesses and individuals nationwide.

The MD/CEO of NIBSS, Premier Oiwoh, highlighted the system’s advanced capabilities, emphasizing its potential to transform payments.

With instant processing and immediate settlement, NQR ensures faster, more efficient, and seamless transactions.

“This account is the only QR in the world that is instant for the beneficiary,” he said.

He added that the system is now more robust, providing smoother and more secure transactions. With support for both Person-to-Person and Entity-to-Person payments, NQR has significantly expanded its use cases, making digital transactions more versatile and accessible.

“Beyond the P2P, there is also E2P on the MQR, and most of the bank apps have it today.

“My dream is to have hawkers on the streets being able to present their QR in the form of an ID card and then make payment. Cash cannot be everywhere, what we are all looking for is payment.

“You can also send your personal QR code to anybody to pay you rather than send an account number,” he stated.

Oiwoh also disclosed that a new pricing structure for NQR payments will take effect on March 1, 2025.

The NQR payment system is a key part of Nigeria’s drive to promote cashless transactions. Launched in March 2021 in partnership with the financial industry, it enables customers to make payments by scanning a QR code, which directs them to their bank or mobile wallet for seamless transaction completion.

The adoption of QR codes is expected to greatly reduce cash dependency, supporting the Central Bank of Nigeria’s financial inclusion agenda.

The architectural upgrade resolves several issues that previously impacted the efficiency of the NQR system.