L-R: Elliot Sangoleye, Head, e-Business & Digital Banking Group, Providus Bank; Akwaugo Sylva-Ezemoka, Head Banks Team 2, NIBSS; Abidemi Asumo, Vice Chairman, Committee of e-Business Industry Heads CeBIH; Ajibade Laolu-Adewale, Chairman, CeBIH;Abednego Ugwueke, Head, Digital Channels, First Bank; Henrietta Kadiri, Head, Banks Team 1 – NIBSS ;Olukayode Olubiyi, Head, Digital Banking, UBA, at the Inaugural Annual General Meeting of NIBSS Quick Response (NQR) Payment Industry Committe hosted by UBA Plc recently
In a landmark initiative to advance financial inclusion and digital payments in Nigeria, the United Bank for Africa (UBA), on behalf of the Nigeria Inter-Bank Settlement System (NIBSS) and other financial institutions, hosted the inaugural Annual General Meeting (AGM) of the NQR Industry Committee. The event marked a significant step in promoting the innovative NQR (NIBSS Quick Response) payment solution, aimed at transforming payment systems nationwide.
The AGM highlighted the shared vision of NIBSS, UBA, and participating banks to establish an inclusive, efficient, and innovative digital payment ecosystem. This collaboration seeks to provide Nigerians with seamless, secure, and user-friendly payment experiences, enhancing financial accessibility and inclusion across the country.
Mr. Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, delivered the welcome address, emphasizing the pivotal role of innovation and collaboration in the financial sector. “UBA is committed to driving payment innovation to create sustainable value for stakeholders and customers,” he said. The bank also reinforced its dedication to supporting Nigeria’s transition to a digital economy through cutting-edge payment solutions.
In a statement, the organizers noted, “This collaboration is set to unlock new opportunities for consumers, businesses, and financial institutions across Nigeria, improving accessibility, security, and convenience.”
The AGM featured thought-provoking panel discussions that explored key areas of the NQR platform, including:
Expanding Financial Inclusion: Strategies to make QR payments accessible to underserved communities.
Improving User Experience: Creating frictionless payment journeys for consumers and merchants.
Driving Bespoke Solutions: Leveraging NQR APIs to develop market-specific payment innovations.
Stakeholder Collaboration: Encouraging partnerships to enhance adoption and scalability.
The NQR platform, launched by NIBSS, offers a revolutionary approach to digital transactions. It enables users to scan QR codes via their bank mobile apps for end-to-end payment processes. With use cases ranging from retail shopping to utility bill payments, transportation, and SME operations, NQR simplifies payments while reducing transaction costs and ensuring secure, cashless transactions.
During the AGM, participants, including industry leaders and product managers, discussed the platform’s benefits, such as:
Instant transaction settlements, improving cash flow for merchants.
Enhanced profitability through lower transaction costs.
Simplified payment processes with a user-friendly interface.
Key attendees included Ajibade Laolu-Adewale, Chairman, Committee of e-Business Industry Heads (CeBIH); Abidemi Asumo, Vice Chairman, CeBIH; Olukayode Olubiyi, Head of Digital Banking, UBA; Abednego Ugwueke, Head of Digital Channels, First Bank; and Elliot Sangoleye, Head of e-Business and Digital Banking Group, Providus Bank, among others.
The 2024 NQR AGM reaffirmed the collective commitment of stakeholders to fostering a vibrant and inclusive digital payment ecosystem in Nigeria, positioning the country as a leader in innovative financial technologies.
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