The Central Bank of Nigeria, CBN, has released by the framework for Quick Response, QR, code payments in Nigeria as part of it’s commitment to promote the use and adoption of electronic payments to foster innovation in the payments system.
CBN in a statement posted on its website said, this framework provides regulatory guidance for the operation of QR code payment services in Nigeria, and aims at ensuring the adoption of appropriate QR code standards for safe and efficient payments services in the country.
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 imaging device, processed and transmitted by appropriate technology.
These codes can be used to present, capture and transmit payments information across payments infrastructure. The technology further enables the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises.
According to the statement, the Bank may also approved the implementation of any other QR Code Standard, provided it meets the prescribed security requirements within the framework, demonstrates interoperability with other existing implementation in the industry and/or cost benefits to end-users (merchants and customers).
Also, QR Code Payments implementation in Nigeria shall support account, wallet, card and token based QR Code Operations; adding that implementation of QR Code for payments in Nigeria shall be based on the Merchant-presented mode specification.Participants in QR Code Payment in Nigeria include; Merchants, Customers, Issuers (Banks, MMOs and Other Financial Institutions), Acquirers (Banks, MMOs and Other Financial Institutions), Payments Service Providers.
On the responsibilities of participants in QR code payments in Nigeria, CBN said, Merchants shall use and display only approved QR Codes in Nigeria; comply with service agreements executed with the acquirer; cooperate with acquirer to investigate any reported fraudulent transaction; report suspicious use of QR Codes for payments to the acquirer; conform with the rules and regulation of the acquirer; be guided by the extant CBN guidelines on electronic payments channels in Nigeria, guide to charges by banks, other financial and non-bank financial institutions, and other applicable regulation as may be issued by the Bank.