United Bank for Africa (UBA) has hosted the first New Quick Response (NQR) Industry Committee Annual General Meeting on behalf of the Nigeria Inter-Bank Settlement System (NIBSS) and other financial institutions. The event, held in Lagos on Thursday, November 28, 2024, brought together leaders from across Nigeria’s banking and finance sectors to chart a course for deepening financial inclusion and enhancing digital payment solutions nationwide.
Launched by NIBSS in March 2021, NQR is an innovative payment platform now mandated for all financial service providers in Nigeria. This cutting-edge solution simplifies payments by allowing consumers to scan QR codes directly from their bank mobile applications for seamless transactions. The platform supports activities such as utility payments, cashless transport services, and more, with a focus on accessibility and cost-effectiveness, especially for Small and Medium Enterprises.
The event featured prominent industry figures, including Ajibade Laolu-Adewale, Chairman of the Committee of e-Business Industry Heads (CeBIH); Abidemi Asumo, Vice Chairman of CeBIH; and senior executives from institutions like Stanbic IBTC, Providus Bank, First Bank, and UBA.
In his opening address, Mr. Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, underscored the importance of collaboration within the financial sector to drive technological advancements. “UBA remains committed to advancing cutting-edge payment solutions that improve accessibility, security, and convenience for Nigerians,” Fashola stated.
Also, the discussions at the AGM emphasized industry-wide cooperation to maximize NQR’s potential. Meanwhile, Attendees hailed the platform as a transformative force in Nigeria’s digital economy, with analysts describing it as the “Future of Payments.”
Furthermore, Through initiatives like this, UBA and its partners continue to foster innovation and inclusivity in financial technology, ensuring that Nigeria remains at the forefront of digital payment advancements.
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