ACAMB, NIBSS push wider QR Code adoption to strengthen Nigeria’s digital payment ecosystem

The Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) has called on banks to accelerate the adoption of digital payment channels, particularly QR code payments, as part of efforts to strengthen Nigeria’s payment ecosystem and improve customer experience.

The call was made during a courtesy visit by ACAMB’s leadership to the Nigeria Inter-Bank Settlement System (NIBSS) Plc in Lagos, where both organisations explored ways to deepen collaboration, strengthen payment infrastructure and improve industry-wide communication, particularly during service disruptions.

Leading the ACAMB delegation, the association’s President, Jide Sipe, said the banking industry requires a unified platform where stakeholders can collectively discuss emerging issues, promote innovation and ensure accurate information is communicated to the public.

“We want to make sure there is a space where banks engage, share ideas, and ask relevant questions about how to grow the industry as well as manage its challenges,” Sipe said.

He explained that ACAMB has continued to engage key stakeholders across the financial sector, including the Chartered Institute of Bankers of Nigeria (CIBN), to identify opportunities for stronger collaboration and improved industry engagement.

According to him, recent incidents of system downtime highlighted the need for more coordinated communication across the banking industry.

Sipe said ACAMB wants public narratives around such incidents to be driven by verified information from industry operators rather than speculation, proposing a stakeholders’ conference that would directly connect heads of corporate communications with NIBSS.

Responding, the Managing Director and Chief Executive Officer of NIBSS, Premier Oiwoh, said reliable digital payment infrastructure remains fundamental to financial inclusion and economic growth.

“That is why one of the key ingredients that shape our philosophy at NIBSS is our commitment to financial inclusion. Seamless and effective payment has always been at the core of what we do and one key path to achieving this is ensuring a payment system that works. This will in return optimise revenue security, better customer experiences, and faster time-to-market which in return facilitates economic growth,” Oiwoh said.

He disclosed that since assuming office in May 2019, NIBSS has prioritised fairness, resilience and trust in Nigeria’s digital payment ecosystem by monitoring transaction velocity to anticipate system failures and distributing transaction loads across multiple environments to ensure uninterrupted services.

“As we all know, customers expect payments to be fast, accurate, and flexible,” he noted.

Oiwoh described the NIBSS Instant Payment (NIP) platform as the cornerstone of Nigeria’s digital payment system, noting that it was Nigeria’s first account-based instant transfer solution and, according to the organisation, the first of its kind globally when it was launched about 15 years ago.

He said the success of NIP laid the foundation for the National Payment Stack (NPS), which has significantly reduced transaction processing time and improved efficiency across the financial system.

According to him, the NPS “enables secure, real-time payments, cross-border transactions, and financial inclusion across Nigeria and Africa,” providing banks and customers with faster, more reliable payment rails both locally and internationally.

Oiwoh further stated that the NPS currently ranks among the world’s leading payment systems, outperforming several global platforms, including India’s Unified Payment Interface (UPI), owing to its exceptional performance.

“We are proud that this came out of Nigeria,” he said.

He also highlighted NIBSS’ broader mandate, which includes developing innovative solutions that promote interoperability among banks, deepening public trust and awareness of digital payment platforms, and supporting efforts to combat financial fraud.

According to him, the organisation has recorded significant success in fraud prevention, leading to several high-profile arrests through close collaboration with law enforcement agencies.

Oiwoh also urged banks to embrace innovative payment solutions such as the Nigeria Quick Response (NQR) code, describing it as a secure, account-based payment platform developed by NIBSS to simplify and reduce the cost of mobile transactions.

He explained that the platform enables customers to make payments simply by scanning a merchant’s QR code with their banking application.

Among its key benefits, he listed instant settlement, real-time transaction notifications, zero onboarding costs and significantly lower transaction fees across various pricing bands.

“There is absolutely no huge cost to acquire or set up the merchant infrastructure. Businesses only need to print or display the code. Both the buyer and the seller get immediate transaction alerts, allowing for real-time payment verification. Most importantly, there are fewer disputes and chargebacks. The inherent benefits point to an efficient system that further engenders ease for all,” Oiwoh said.

The discussions reinforced the banking industry’s growing shift towards faster, safer and contactless payment solutions, with ACAMB encouraging banks to expand the rollout of NIBSS NQR-powered QR payments, enabling customers to pay by simply scanning a code rather than relying on cash.

Oiwoh noted that United Bank for Africa (UBA) Plc was among the early adopters, having onboarded all its Point of Sale (POS) merchants onto the NQR platform, allowing customers without physical debit cards to complete transactions seamlessly by scanning QR codes.

Founded in 1996, ACAMB remains the banking industry’s leading voice on reputation management, advocacy and professional standards. The association continues to champion ethical practices, strengthen public confidence in Nigeria’s financial sector and promote positive perceptions of the industry across Nigeria, Sub-Saharan Africa and the wider African market.