Institutions that have deployed Quick Response (QR) Code payments in Nigeria have received a primary guideline by the Central Bank of Nigeria, CBN, on safety and risk management.
The bank recently released a signed document on QR Codes payment services targeting merchants, customer, issuers, acquirers, and payments service providers.
Both issuers and acquirers could include banks, MMOs and other financial institutions as the document clearly notes.
- Stock Market, Other Investment Options In Nigeria In 2021
- Dangote Refinery Set To Commence Operation In 2022
The above-mentioned entities use QR codes in hundreds of ways – product authentication, to place orders, scan to pay, transactions and many different things.
CBN regulatory guidance or the operation of QR Code payment services in Nigeria
The CBN said that it wants to “ensure the adoption of appropriate QR code standards for safe and efficient payments services in Nigeria” with these guidelines. They span through;
i.The acceptable QR Code Standards for implementing QR payments in Nigeria.
ii. Interoperability of QR payments in Nigeria.
iii. Roles and responsibilities of participants in QR payments in Nigeria.
iv. Risk management principles for QR code payments in Nigeria.
Under the infringement section, the CBN warns that failure to comply with the provisions of the framework would lead to appropriate sanctions.
- Name, Business Registration Needed To Operate In Nigeria
- SPW Nigeria: Unskilled Workers To Earn N20, 000 Monthly From The Special Public Works
What are QR Codes
These codes are square like matrix barcodes which bear information that has been embedded in them. They are found on – boxes, walls, receipts, cars – everywhere.
They can be scanned by the imaging device, processed and transmitted by appropriate technology.
QR Codes enable the mobile channel to facilitate payments and presents another veritable avenue for promoting electronic payments for micro and small enterprises. However, it does carry some risks.
View full CBN PDF on QR Code Payments here to avoid violation of the framework.