Payments/NG
Nigeria
ISO NG · 3 schemes
Summary
- NQR national QR standard (NIBSS, 2021)
- EMVCo specification compliant
- P2P + E2P payments supported
- Zone blockchain PTSA partnership (2024)
- March 2025 pricing update
Banking landscape
Central Bank
- Name: Central Bank of Nigeria (CBN)
- Website: https://www.cbn.gov.ng/
- Role: Monetary policy, cashless economy drive
Major Banks (2024)
| Rank | Bank Name | Type | Digital Platform |
|---|---|---|---|
| 1 | Access Bank | Local | Access More |
| 2 | Zenith Bank | Local | Zenith Mobile |
| 3 | GTBank | Local | GTWorld |
| 4 | UBA | Pan-African | UBA Mobile |
| 5 | First Bank | Local | FirstMobile |
Market Structure
- NIBSS: Interbank settlement
- NQR: National QR standard
- Cashless: CBN priority
- EMVCo: Aligned standard
Payment infrastructure
National Payment Systems
| System | Operator | Type | Status |
|---|---|---|---|
| NQR | NIBSS | National QR | Active (2021) |
| NIP | NIBSS | Instant payment | Active |
| NEFT | NIBSS | EFT | Active |
| POS | Various | Card terminals | Active |
NIBSS Overview
- Nigeria Inter-Bank Settlement System
- Payment infrastructure operator
- NQR platform owner
- FSI representation
NQR Launch
- March 2021 launch
- Unify QR landscape
- Cost-effective alternative
- Cash transaction reduction
QR code standards
NQR (Nigeria Quick Response)
| Attribute | Value |
|---|---|
| Launch | March 2021 |
| Operator | NIBSS |
| Standard | EMVCo QR Specification |
| Type | Account-based |
NQR Features
- Unifies closed QR schemes
- Consistent user experience
- API-driven platform
- Local + global interoperability
- High security
Payment Types
- Person-to-Person (P2P)
- Entity-to-Person (E2P)
- Merchant payments
- Bill payments
2024-2025 Upgrades
- System enhancement
- Broader accessibility
- More secure transactions
- New pricing March 2025
Mobile payment apps
| App | Provider | QR | Features |
|---|---|---|---|
| Bank Apps | All banks | Yes | NQR enabled |
| Fintech Apps | Various | Yes | NQR integrated |
| USSD | Feature phones | Limited | NQR available |
Bank Integration
- All major banks support NQR
- Generate merchant QR codes
- Scan and pay functionality
- Smartphone + USSD access
Merchant Onboarding
- Banks onboard merchants
- NQR code generation
- Sticker/display format
- Transaction acquisition
Customer Journey
- Open bank/wallet app
- Scan merchant NQR code
- Confirm payment amount
- Authenticate (PIN/biometric)
- Instant confirmation
Schemes
| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| NQR | National QR | EMVCo | 2021 | nqr |
| NIP | Instant | NIBSS | Active | — |
| Zone | Blockchain | PTSA | 2024 | — |
Sources
- NIBSS - NQR
- NIBSS - NQR Payment
- NIBSS - NQR Launch
- Guardian Nigeria - NQR System
- Techpoint - NQR Enhancement
- TechBooky - NQR Upgrade
- BusinessDay - NQR Transform
- NIBSS Helpdesk - NQR FAQ
Full country report
Schemes
Standards
Mentioned · 1