CBN Introduces New Payment Service

The Central Bank of Nigeria has launched a new payment service in Banks as it asked Deposit Money Banks to commence the contactless payment service option.

According to CBN Director, Payment System Management, Musa Jimoh, the CBN launched the NQR payment solution to make payment by scanning the generated digital code.

The Director opined that the NQR payment solution is an alternative payment plan that will eliminate direct contact between merchants and their customers.

New Payment Service

He noted that the new touch-free payment method would help create and offer a better customer experience to the public.

Jimoh added that the innovative solution would boost financial inclusion and provide faster, easier and secure financial services to Nigerians.

Cbn Introduces New Payment Service 2
Governor of the Central Bank of Nigeria, CBN, Godwin Emefiele.

He further explained that the payment solution would require shoppers to scan a QR code to pay for an item.

Also, CBN Deputy Governor, Financial Systems Stability, Mrs Aishah Ahmad, said the CBN is committed to providing an enabling regulatory environment that ensures continued innovation within the financial services ecosystem for financial inclusion.


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