UBA hosts inaugural NQR Industry AGM, drives collaboration on digital payment innovation

The United Bank for Africa (UBA), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) and other financial institutions, successfully hosted the first-ever NQR Industry Committee Annual General Meeting (AGM) on Thursday, November 28, 2024, in Lagos.

The landmark event gathered key players in Nigeria’s banking and payment ecosystems to strategize on expanding financial inclusion and accelerating the adoption of digital payment solutions.

The AGM brought together prominent stakeholders, including industry leaders like Ajibade Laolu-Adewale, Chairman of the Committee of e-Business Industry Heads (CeBIH); Abidemi Asumo, Vice Chairman, CeBIH; and senior executives from UBA, First Bank, Stanbic IBTC, Providus Bank, and other institutions.

Discussions centered on fostering collaboration to enhance the efficiency and reach of the New Quick Response (NQR) payment platform.

Delivering the welcome address, UBA’s Group Head of Retail and Digital Banking, Mr. Shamsideen Fashola, underscored the critical role of innovation and cooperation.

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“UBA remains committed to driving cutting-edge payment solutions that improve accessibility, security, and convenience for Nigerians,” Fashola stated, emphasizing the bank’s alignment with Nigeria’s vision of a robust digital economy.

Industry experts highlighted the importance of a unified approach to unlock NQR’s full potential, with a vision to create a more inclusive and efficient payment system.

Launched by NIBSS in March 2021, the New Quick Response (NQR) payment platform allows users to scan QR codes through their bank mobile applications for seamless transactions.

Financial experts hailed the NQR platform as a transformative solution for Nigeria’s payment landscape. “NQR has simplified digital payments, especially for small businesses and underserved communities,” said fintech analyst Dr. Oluwaseun Akintoye.

“This innovation marks a significant step toward achieving the Central Bank’s goal of a cashless economy.”

As the AGM concluded, stakeholders expressed optimism about the future of NQR and its capacity to redefine payments in Nigeria. UBA and other financial institutions pledged continued efforts to improve the platform and increase its reach, fostering a culture of digital payments that benefits all Nigerians.

The event marked a significant milestone in Nigeria’s financial technology landscape, emphasizing the power of collaboration in driving innovation and inclusion.