UBA hosts first NQR Annual General Meeting to advance digital payments in Nigeria

The United Bank for Africa (UBA), on behalf of the Nigeria Inter-Bank Settlement System (NIBSS) and other financial institutions, successfully hosted the inaugural NQR Industry Committee Annual General Meeting (AGM) in Lagos on Thursday, November 28, 2024.

The AGM brought together leaders and stakeholders in the banking and payment ecosystem to reaffirm their commitment to enhancing financial inclusion and digital payment solutions across Nigeria.

The Meeting served as a platform for dialogue and collaboration among industry leaders. Attendees included prominent stakeholders such as Ajibade Laolu-Adewale, Chairman of the Committee of e-Business Industry Heads (CeBIH); Abidemi Asumo, Vice Chairman, CeBIH; Senior executives and product managers from UBA, First Bank, Stanbic IBTC, Providus Bank, and other institutions.

Highlights from the NQR AGM 

Group Head of Retail and Digital Banking at UBA, Mr. Shamsideen Fashola, delivered the welcome address at the meeting, emphasizing the critical role of innovation and collaboration in driving financial technology adoption.

“UBA remains committed to advancing cutting-edge payment solutions that improve accessibility, security, and convenience for Nigerians,” Fashola stated. 

As the event host, UBA emphasized its strong commitment to advancing cutting-edge payment solutions that align with Nigeria’s push toward a digital economy.

The AGM featured engaging panel discussions aimed at addressing key areas of development for the NQR payment platform. The sessions focused on:

• Expanding Financial Inclusion: Strategies to make NQR payments accessible to underserved communities.
• Improving User Experience: Simplifying the payment process for consumers and merchants.
• Driving Bespoke Solutions: Utilizing NQR APIs to tailor solutions for various market needs.
• Strengthening Partnerships: Enhancing collaboration among banks and fintech companies to drive scalability.

The sessions highlighted the need for industry-wide collaboration to unlock the platform’s full potential, ultimately creating an efficient and inclusive payment system.

What you should know 

In March 2021, the NIBSS announced the launch of the New Quick Response (NQR), an innovative payment platform implemented on behalf of all financial service providers.

NQR enables consumers to scan QR codes directly from their bank mobile applications to complete transactions seamlessly.

The platform caters to a broad range of use cases, including: 

• Retail and E-commerce: Making payments fast and convenient for shoppers and merchants.
• Transportation and Mobility: Enabling cashless payments for taxis, buses, and other transport services.
• Bill Payments: Allowing users to pay utility bills, subscriptions, and more with a simple scan.
• Small Businesses: Providing cost-effective payment options for SMEs to scale their operations.

The payment solution has been hailed by financial experts as the ‘Future of Payments’; as it unlocks a wealth of extra benefits that transform the way Nigerians choose to pay for goods and services at all levels.