Regulatory Alerts2022-07-04 | PSM/DIR/CON/INM/016/118Review of the Industry Quick Response (QR) Code Presentment Options
The Central Bank of Nigeria is promoting innovative products in the country's payment system by issuing a framework for Quick Response (QR) code payments. After consulting with stakeholders, the CBN has reviewed the framework to allow for more flexibility in QR code usage, directing that QR code payments can be made via merchant-presented or consumer-presented modes. The bank will continue to monitor the industry and provide further guidance as needed.
PAYMENTS SYSTEM MANAGEMENT DEPARTMENT Tel: 09 462 38300, 09 462 38346 e-mail: psmd@cbn.gov.ng website: www.cbn.gov.ng CENTRAL BANK OF NIGERIA Central Business District, Cadastral Zone AO P.M.B. 0187, Garki Abuja.
PSM/CIR/PUB/CIR/01/036 July 4, 2022 Circular to Banks, Other Financial Institutions and Payments Service Providers OF THE INDUSTRY QUICK RESPONSE (QR) CODE REVIEW PRESENTMENT OPTIONS The Central Bank of Nigeria, in furtherance of its efforts to promote the deployment of innovative products in the Nigerian payments system issued the Framework for Quick Response (QR) Code payments in Nigeria in January 2021.
Following consultation with various stakeholders on ways to enhance the flexibility offered by the use of QR codes in payments, the CBN hereby reviews section 3.4 of the Framework and henceforth directs that implementation of QR code for payments in Nigeria shall be based on either merchant-presented or consumer-presented modes.
The CBN will continue to monitor industry developments and issue further guidance as may be appropriate.
Musa Y. Jin Director, Payments System Management Department