Abiodun JIMOH
In a pivotal step toward enhancing financial inclusion and advancing Nigeria’s digital economy, United Bank for Africa (UBA), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), banks, and other financial institutions, hosted the inaugural Annual General Meeting (AGM) of the NQR Industry Committee. The event highlighted the transformative potential of the NQR (NIBSS Quick Response) payment solution.
The NQR platform aims to deliver a seamless, efficient, and secure payment experience while driving the adoption of cashless transactions across diverse sectors. The AGM reaffirmed a unified vision to make financial services more accessible and deepen the digital payment ecosystem in Nigeria.
Welcoming participants, Mr. Shamsideen Fashola, UBA’s Group Head of Retail and Digital Banking, emphasized the importance of collaboration and innovation in delivering value to stakeholders. He also reiterated UBA’s commitment to pioneering cutting-edge payment solutions aligned with Nigeria’s push for a digital economy.
Key discussions at the AGM centered on strategies to expand financial inclusion, enhance user experiences, and develop tailored solutions using NQR APIs. Leaders across the banking sector shared insights into leveraging the NQR platform to empower underserved communities, improve merchant profitability, and streamline payment processes.
The NQR platform enables users to complete transactions by scanning QR codes via bank mobile apps. Its benefits include reduced transaction costs, instant value for merchants, and a secure, user-friendly payment system. Use cases range from retail purchases to transportation fares and utility bill payments, offering a scalable solution for businesses of all sizes.
Participants at the AGM included senior executives and digital banking leaders from major banks, including First Bank, Providus Bank, and Stanbic IBTC, alongside e-Business industry heads. The collaborative dialogue underscored the sector’s dedication to driving digital transformation and financial inclusivity.
Through its leadership role in hosting the AGM, UBA solidified its position as a champion of financial innovation, supporting Nigeria’s journey toward a robust and inclusive digital economy.
