Sunday, January 29, 2023
  • Login
No Result
View All Result
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
The News Beam
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
No Result
View All Result
The News Beam
Home News

BREAKING! CBN Issues Framework for Quick Response (QR) Code Payments in Nigeria

January 13, 2021
in News, DEVELOPMENT, Economy, Finance
Reading Time: 2 mins read
0
A A
0
BREAKING! CBN Issues Framework for Quick Response (QR) Code Payments in Nigeria
Share on FacebookShare on Twitter

The Central Bank of Nigeria, CBN has issued the Framework for Quick Response (QR) Code Payments in Nigeria in order to ensure the safety and stability of the Nigerian Financial System.

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 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.

As Highlighted from the latest report by CBN on Framework for Quick Response (QR) Code Payments in Nigeria, the framework will promote the use and adoption of electronic payments and foster innovation in the payments system.

It will also provides regulatory guidance for the operation of QR Code payment services in Nigeria, and it aims to ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria.

The Implementation of QR Code for payments in Nigeria shall be within some specifications.

Here are the QR Code Specifications for Payments in Nigeria:

– QR Code Payments in Nigeria shall be based on the EMV QR Code Specification for Payment Systems;

– The Bank may also approve 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);

– QR Code Payments implementation in Nigeria shall support account, wallet, card and token based QR Code Operations;

– Implementation of QR Code for payments in Nigeria shall be based on the Merchant-presented mode (where merchants present the QR Code for buyers to accept in order to conclude payment transactions) specification.

However, those allowed to participate in QR Code payment in Nigeria are:
i. Merchants
ii. Customers
iii. Issuers (Banks, MMOs and Other Financial Institutions)
iv. Acquirers (Banks, MMOs and Other Financial Institutions)
v. Payments Service Providers.

Furthermore, All issuers, acquirers, switches, processors and other participants in QR payments in Nigeria should ensure full interoperability of QR Code Schemes in Nigeria.

Read Also: CBN Withdraws Operating Licences of 7 Payment Service Providers

ShareTweetSend
Previous Post

Confusion at Idu Rail Station Today Over Online Ticketing

Next Post

Nigerians Mock Tunde Ednut As Instagram Suspends His Account Again

Related Posts

Inflation in December 2022
News

What you need to know: December inflation rate at   21.34%

January 16, 2023
18
Business Risks Forecasts
Business & Economy

How to Protect Your Business from Top Risks in 2023

November 15, 2022
50
eNaira: CBN lists 7 benefits to Nigerians, economy
Business & Economy

eNaira: CBN lists 7 benefits to Nigerians, economy

November 10, 2022
25
NDIC Logo
Business & Economy

NDIC To Bank Customers: “Come and Collect Your Remaining Funds in 20 Closed Banks”

November 8, 2022
11
CBN Head Office
Business & Economy

CBN to withdraw 200, 500 and 1000 bank notes from January 2023. Circulate New Notes From December 2022

October 26, 2022
287
Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development
News

N18bn Bush Clearing saga: Agric ministry refutes allegation, says N2.5bn spent for land preparation

August 18, 2022
14
Next Post
Nigerians Mock Tunde Ednut As Instagram Suspends His Account Again

Nigerians Mock Tunde Ednut As Instagram Suspends His Account Again

US Government Executes Only Female Inmate on Federal Death Row

US Government Executes Only Female Inmate on Federal Death Row

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

  • Trending
  • Comments
  • Latest
How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

How to Apply for the N25 Billion Youth Investment Fund of the Federal Govt

October 16, 2020
Covid-19: See List of Vaccination Centers in Lagos State

Covid-19: See List of Vaccination Centers in Lagos State

August 19, 2021
Banks suffer 11% reduction in new loans as customers resist interest rate hike

CBN reveals 9 Business Categories that recorded Increased Activity This Month

9
BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from 'Anonymous' hack

BREAKING ! How Hurriedly installed Application Saved Central Bank of Nigeria website from ‘Anonymous’ hack

7
Inflation in December 2022

What you need to know: December inflation rate at   21.34%

January 16, 2023
Business Risks Forecasts

How to Protect Your Business from Top Risks in 2023

November 15, 2022

Categories

  • Agriprenuers (12)
  • Books & Arts (7)
  • Business & Economy (434)
  • Capacity Building (25)
  • CDAs (2)
  • Community Champions (1)
  • Crime (196)
  • DEVELOPMENT (74)
  • Development Agencies (109)
  • Economy (317)
  • Education (192)
  • Entertainment (405)
  • Faith (55)
  • Finance (335)
  • Global (103)
  • Guest Columnists (17)
  • Health (56)
  • Health (242)
  • Industry (149)
  • LGAs (1)
  • Lifestyle (98)
  • MGDs (10)
  • News (2,292)
  • Politics (373)
  • Projects (2)
  • Relationships (70)
  • Security (164)
  • SMEs (15)
  • SPECIALS (87)
  • Sports (311)
  • Street Money (9)
  • Tech (138)
  • Teens World (3)
  • The Entrepreneur (26)
  • Uncategorized (70)
  • Your Community (33)
  • Youthprenuers (14)
No Result
View All Result
News
Politics
Business & Economy
Sports
Entertainment
Global

Development

Health
Education
MGDs
Development Agencies

Your Community

CDAs
LGAs
Projects
Community Champions

The Entrepreneur

Street Money
SMEs
Youthprenuers
Agriprenuers
Capacity Building

Specials

Lifestyle
Relationships
Books & Arts
Faith
Teens World
Guest Columnists

Follow Us

  • About Us
  • Contact Us
  • Terms of Usage
  • Privacy Policy
  • Advert Rates
  • Newsletters
  • Resources
  • Submit a Story
No Result
View All Result
  • Home
  • News
    • Politics
    • Business & Economy
    • Sports
    • Entertainment
    • Global
  • Development
    • Health
    • Education
    • MGDs
    • Development Agencies
  • Your Community
    • CDAs
    • LGAs
    • Projects
    • Community Champions
  • The Entrepreneur
    • Street Money
    • SMEs
    • Youthprenuers
    • Agriprenuers
    • Capacity Building
  • Specials
    • Lifestyle
    • Relationships
    • Books & Arts
    • Faith
    • Teens World
    • Guest Columnists
  • Login

© 2020 The News Beam is the highest circulated and most read newspaper in Nigeria. The online portal of The News Beam is the most visited website in the world.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.

Subscribe With The News Beam