NIBSS to launch ‘touch-free’ payment solution in Nigeria

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has declared its intention to launch a Quick Response (QR) code-driven payment solution as it looks to enhance payment methods with a “touch-free” option in Nigeria.

The new solution, which will be managed in partnership with all financial service providers, is an indigenous payment solution capable of reducing person-to-person contacts during the processing of transactions.

Being an interbank financial platform, the new development will advance and improve infrastructure for automated processing, settlement of payments, and fund transfer instructions between banks.

Major financial institutions and multinational corporations across the world now offer contactless payment systems to customers as contactless credit cards have become widespread.

READ ALSO: Nigerians dumped 300,000 bank accounts in Q1 2020 —NIBSS

Speaking on the development, the Chief Executive Officer of NIBSS, Premier Oiwoh, said the solution was built to provide a “touch-free” option for receiving and making payments in exchange for goods and services.

He said: “This innovation will unlock a wealth of extra benefits that will transform the way Nigerians choose to pay as it is reliable, secure, and offers instant value to business owners.”

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now