CBN UNVEILS QUICK RESPONSE CODE FRAMEWORK TO FACILITATE E-PAYMENTS

Written by on January 14, 2021

THE CENTRAL BANK OF NIGERIA (CBN) HAS UNVEILED A FRAMEWORK FOR QUICK RESPONSE (QR) CODE PAYMENTS, DIRECTING ALL ISSUERS, ACQUIRERS, SWITCHES, PROCESSORS AND OTHER PARTICIPANTS IN THE COUNTRY TO ENSURE FULL INTEROPERABILITY OF THE SCHEMES.

THE CBN STATED THAT THE GUIDELINES WERE IN FURTHERANCE OF ITS MANDATE TO ENSURE THE SAFETY AND STABILITY OF THE NIGERIAN FINANCIAL SYSTEM, PROMOTE THE USE AND ADOPTION OF ELECTRONIC PAYMENTS AND FOSTER INNOVATION IN THE PAYMENTS SYSTEM.

THE QR CODES ARE A KIND OF MATRIX BARCODE REPRESENTING INFORMATION PRESENTED AS SQUARE GRIDS, MADE UP OF BLACK SQUARES AGAINST A CONTRASTING BACKGROUND THAT CAN BE SCANNED BY IMAGING DEVICE, PROCESSED AND TRANSMITTED BY APPROPRIATE TECHNOLOGY.

ACCORDING TO THE APEX BANK, THE CODES CAN BE USED TO PRESENT, CAPTURE AND TRANSMIT PAYMENTS INFORMATION ACROSS PAYMENTS INFRASTRUCTURE WHILE THE TECHNOLOGY FURTHER ENABLES THE MOBILE CHANNEL TO FACILITATE PAYMENTS AS WELL AS PRESENTS ANOTHER VERITABLE AVENUE FOR PROMOTING ELECTRONIC PAYMENTS FOR MICRO AND SMALL ENTERPRISES.


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