CBN issues QR Code framework amid financial system stability
The Central Bank of Nigeria (CBN) has issued a framework for Quick Response Code (QR Code) Payments system in Nigeria as a modality to ensure safety and stability in the Nigerian Financial System, to promote the use and adoption of electronic payments and also to foster innovation in the payments system.
The apex bank said framework is to provide regulatory guidance for the operation of QR Code payment services in Nigeria with the aim to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria.
CBN stipulated framework includes: Acceptable QR Code Standards for implementing QR Payments in Nigeria; Interoperability of QR Payments in Nigeria; QR Code Specifications for Payments in Nigeria; Participants in QR Code Payment in Nigeria; Responsibilities of Participants in QR Code Payments in Nigeria; Risk management and compliance; Dispute Resolution; Infringements and Sanctions.
Quick Response (QR) Codes are a kind of matrix barcode representing information presented as square grids, made up of black squares against a contrasting background that can be scanned by the imaging device, processed and transmitted by appropriate technology.
According to CBN, QR codes can be used to present, capture and transmit payments information across payments infrastructure. The technology also is said to enables mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.
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