UBA hosts first NQR Annual Basic Assembly to advance digital funds in Nigeria 

The United Bank for Africa (UBA), on behalf of the Nigeria Inter-Bank Settlement System (NIBSS) and different monetary establishments, efficiently hosted the inaugural NQR Trade Committee Annual Basic Assembly (AGM) in Lagos on Thursday, November 28, 2024.

The AGM introduced collectively leaders and stakeholders within the banking and cost ecosystem to reaffirm their dedication to enhancing monetary inclusion and digital cost options throughout Nigeria.

The Assembly served as a platform for dialogue and collaboration amongst {industry} leaders. Attendees included outstanding stakeholders comparable to Ajibade Laolu-Adewale, Chairman of the Committee of e-Enterprise Trade Heads (CeBIH); Abidemi Asumo, Vice Chairman, CeBIH; Senior executives and product managers from UBA, First Bank, Stanbic IBTC, Providus Bank, and different establishments.

Highlights from the NQR AGM 

Group Head of Retail and Digital Banking at UBA, Mr. Shamsideen Fashola, delivered the welcome handle on the assembly, emphasizing the vital function of innovation and collaboration in driving monetary know-how adoption.

“UBA stays dedicated to advancing cutting-edge cost options that enhance accessibility, safety, and comfort for Nigerians,” Fashola acknowledged. 

Because the occasion host, UBA emphasised its robust dedication to advancing cutting-edge cost options that align with Nigeria’s push towards a digital financial system.

The AGM featured participating panel discussions geared toward addressing key areas of growth for the NQR cost platform. The periods targeted on:

• Increasing Monetary Inclusion: Methods to make NQR funds accessible to underserved communities.
• Enhancing Consumer Expertise: Simplifying the cost course of for customers and retailers.
• Driving Bespoke Options: Using NQR APIs to tailor options for varied market wants.
• Strengthening Partnerships: Enhancing collaboration amongst banks and fintech corporations to drive scalability.

The periods highlighted the necessity for industry-wide collaboration to unlock the platform’s full potential, in the end creating an environment friendly and inclusive cost system.

What you need to know 

In March 2021, the NIBSS introduced the launch of the New Fast Response (NQR), an progressive cost platform carried out on behalf of all monetary service suppliers.

NQR allows customers to scan QR codes immediately from their bank cellular functions to finish transactions seamlessly.

The platform caters to a broad vary of use circumstances, together with: 

• Retail and E-commerce: Making funds quick and handy for buyers and retailers.
• Transportation and Mobility: Enabling cashless funds for taxis, buses, and different transport providers.
• Invoice Funds: Permitting customers to pay utility payments, subscriptions, and extra with a easy scan.
• Small Companies: Offering cost-effective cost choices for SMEs to scale their operations.

The cost answer has been hailed by monetary consultants because the ‘Way forward for Funds’; because it unlocks a wealth of additional advantages that rework the way in which Nigerians select to pay for items and providers in any respect ranges.