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Banks to adopt QR code payment methods
The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has urged Nigerian banks to expand the use of QR code payment systems to strengthen the country's financial technology ecosystem.
The appeal was made during a courtesy visit to the Nigeria Inter-Bank Settlement System (NIBSS) in Lagos, where both organisations discussed payment infrastructure, industry collaboration, and communication during service disruptions.
ACAMB President Jide Sipe said stronger cooperation among banks is essential to improve public communication, particularly during system outages. He noted that the association is creating a platform for banks to exchange ideas, address industry challenges, and improve collaboration with key stakeholders.
NIBSS Managing Director and CEO Premier Oiwoh emphasised that reliable digital payment infrastructure is vital for financial inclusion and economic growth. He said NIBSS continuously monitors transaction volumes to prevent system failures and ensure customers enjoy fast, secure, and reliable payment services.
Oiwoh highlighted the success of the NIBSS Instant Payment (NIP) system, describing it as one of the world's earliest account-based instant payment platforms. He also praised the National Payment Stack (NPS) for enabling secure real-time payments, cross-border transactions, and wider financial inclusion across Nigeria and Africa.
On QR payments, Oiwoh encouraged wider adoption of the NIBSS NQR solution, explaining that merchants only need to display a QR code to receive instant payments through customers' banking apps. He said the system offers low costs, immediate payment confirmation, faster settlements, and fewer transaction disputes.
The discussions reflected the banking industry's growing focus on contactless payments, with ACAMB encouraging banks to accelerate the deployment of QR payment solutions nationwide. Oiwoh noted that United Bank for Africa (UBA) was among the first banks to introduce NQR for its POS merchants, helping to promote cardless transactions.
Founded in 1996, ACAMB said it remains committed to promoting professionalism, strengthening the reputation of Nigeria's banking sector, and building public confidence in financial services.
