BANKS URGED TO ADOPT QR CODE PAYMENT CHANNELS

The Central Bank of Nigeria (CBN) has urged commercial banks to accelerate the adoption of QR code payment channels to deepen digital financial inclusion and reduce reliance on cash transactions.

Speaking at a stakeholders’ forum in Abuja, CBN Deputy Governor for Payments System, Mrs. Aisha Ahmad, emphasised the efficiency, security, and convenience of QR code technology in driving seamless transactions for individuals and businesses. “QR codes represent the future of retail payments. Banks must invest in infrastructure and awareness to make this a success,” she said.

The apex bank highlighted the low penetration of QR code payments compared to other digital channels and called for aggressive merchant onboarding and customer education campaigns. Financial institutions were encouraged to integrate QR solutions into their mobile apps and point-of-sale systems.

Industry operators welcomed the directive, noting its potential to lower transaction costs and enhance financial access in both urban and rural areas. Several banks have already begun piloting enhanced QR payment features.

The push aligns with the CBN’s broader cashless policy and efforts to build a robust, inclusive digital payments ecosystem in Nigeria.