FirstBank, NIBSS partner to boost digital payments via ‘Nigeria Quick Response’

*First Bank of Nigeria Limited discloses the ‘Nigeria Quick Response’ is an innovative payment option being implemented for all financial service providers, and it is designed to promote quick and fast transactions by scanning the code on a consumer’s mobile device

Emmanuel Akosile | ConsumerConnect

Leveraging the latest payments initiative designed to reduce cost for merchants and banks in delivering instant value for person-to-business and person-to-person transactions through scanning, the First Bank of Nigeria Limited discloses it has partnered with Nigeria Inter-Bank Settlement System (NIBSS) Plc on its ‘Nigeria Quick Response’ (NQR) payment solution.

ConsumerConnect reports one of the leading financial institutions in the West African country, in a statement, noted that the NQR is an innovative payment option implemented for all financial service providers and designed to promote quick and fast transactions by scanning the code on one’s mobile device.

According to FirstBank, the initiative is designed to lower cost for merchants and banks in delivering instant value for person to business and person to person transactions by simply scanning to pay.

The bank explained unlike other QR schemes, the NQR is being implemented with reduced charges that are cheaper for merchants.

The statement also explained: “The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through one’s FirstMobile App.

“And it is also available for the merchant in facilitating their business activities.

“The touchpoint and use cases of the NQR payment solution include convenience stores, supermarkets, shopping malls, pharmacy, ride-hailing/taxi payments, bus fares, tolling booths payments, vending machines, e-commerce sites, online (Instagram) businesses amongst many others.”

FirstBank further stated: “To access the service, launch your FirstMobile App and select QR payment. Afterwards, choose NIBSS as a payment provider, then scan the seller’s NQR barcode.

“Thereafter, the amount is inputted, followed by PIN validation to generate an instant confirmation of the transaction successfully.

“On the other hand, merchants are to visit any FirstBank branch closest to them for service enrolment.”

Meanwhile, Dr. Adesola Adeduntan, Managing Director and Chief Executive Officer (CEO) of First Bank of Nigeria, while speaking on the initiative said that the bank was delighted with the adoption of the Nigeria Quick Response payment solution in the country.