Home Business Money First Bank Seal Deal With NIBSS On Digital Payment Solution
Money

First Bank Seal Deal With NIBSS On Digital Payment Solution

Share
Share

First Bank building

First Bank Nigeria Plc. has gone into partnership with the Nigeria Inter-Bank Settlement System Plc. (NIBSS) on its Nigeria Quick Response (NQR) payment solution.

 A statement issued on Wednesday quoted the Bank’s Chief Executive Officer, Dr Adesola Adeduntan as saying NQR is an innovative payment option implemented for all financial service providers. 

It is designed to promote quick and fast transactions by scanning codes on users’ mobile phone devices. 

It reduces cost for merchants and banks in delivering instant value for Person-to-Business (P2B) and Person-to-Person (P2P) transactions by simply scanning to pay, he explained. 

The initiative is accessible on the bank’s payment infrastructure as the NQR code can be used to make payments through FirstMobile App and is available for merchants in facilitating their business activities. 

He also explained that the touchpoints and use sites of the NQR payment solution included convenience stores, supermarkets, shopping malls, pharmacies, and ride-hailing/taxi payments. 

It also includes payment for bus fares, tolling booths payments, vending machines, e-commerce sites, online businesses, amongst many others. 

“We are delighted with the adoption of NQR payment solution, an initiative by NIBSS which has been instrumental to easing and promoting payment convenience with the use of mobile phones. 

“We recognize the indelible role technology plays in promoting businesses across diverse frontiers and we remain committed to reinventing our technology infrastructure to meet global standards,’’ Adeduntan said  

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

SABA Steel, Coleman Wire & Cables, Others Collaborate with Ecobank for Inaugural Design & Build Expo

Leading global brands in the building, design and finance sectors are partnering...

CBN Warns Public Against Fraudulent Contract, Project Funding Claims

The Central Bank of Nigeria (CBN) wishes to alert members of the...

Ecobank Opens Market At The London Stock Exchange To Celebrate Successful Issuance Of US$400 Million Eurobond

ETI will use the net proceeds from the issuance of the Notes...

Stanbic IBTC Launches DiSEP 4.0, Empowering Nigerian Youths With Cutting-edge Digital Skills

Stanbic IBTC Holdings, has unveiled the fourth edition of its flagship Digital...