The Central Bank of Nigeria announces framework for QR code payments
The CBN stated that the guidelines are in accordance with its mandate to ensure the safety and stability of the Nigerian financial system, promote the adoption and use of electronic payments, and foster innovation in the payments system. The bank has also directed all issuers, acquirers, switches, processors, and other participants in the country in order to ensure full interoperability of the schemes.
According to the bank, the codes can be used to present, capture, and transmit payment information across the payments infrastructure. Furthermore, the technology enables the mobile channel to facilitate payments, in addition to presenting an avenue for promoting electronic payments for micro and small enterprises.
The framework provides regulatory guidance for the operation of the scheme and aims to ensure the adoption of appropriate QR code standards for payment services in Nigeria.